realty trac http://michiganradio.org en Home foreclosures falling in Michigan, but many are not leaving their former homes http://michiganradio.org/post/home-foreclosures-falling-michigan-many-are-not-leaving-their-former-homes <p>The number of homes in Michigan in foreclosure has dropped to its lowest level since 2005.</p><p></p><p>Foreclosure filings in Michigan have been steadily declining for the past three and a half years.</p><p></p><p>Daren Bloomquist is with Realty Trac. He says banks are now dealing with the problem of getting former owners or tenants to move out of their foreclosed homes.</p><p></p> Thu, 10 Apr 2014 14:17:55 +0000 Steve Carmody 17178 at http://michiganradio.org Home foreclosures falling in Michigan, but many are not leaving their former homes It's getting more expensive to buy a home in Michigan http://michiganradio.org/post/its-getting-more-expensive-buy-home-michigan <p><span style="line-height: 1.5;">Realty </span>Trac<span style="line-height: 1.5;"> is out with a report on home affordability.</span></p><p><span style="line-height: 1.5;">The report shows that rising home prices and interest rates are translating into higher monthly mortgage payments for home buyers.</span></p><p><span style="line-height: 1.5;">The report focused on three bedroom, single-family homes.</span></p><p><span style="line-height: 1.5;">Daren </span>Bloomquist<span style="line-height: 1.5;"> is with Realty </span>Trac<span style="line-height: 1.5;">.</span></p> Thu, 20 Feb 2014 13:48:00 +0000 Steve Carmody 16520 at http://michiganradio.org It's getting more expensive to buy a home in Michigan Many Michigan homeowners are still deeply underwater on their mortgages http://michiganradio.org/post/many-michigan-homeowners-are-still-deeply-underwater-their-mortgages <p>Realty Trac reports nearly a third of Michigan homeowners owe 25 percent or more on their mortgages than their homes are actually worth. &nbsp;&nbsp;</p><p></p><p>In December, 31% of Michigan homeowners were deeply underwater on their mortgages.&nbsp; That’s down from 37% in January of 2013.</p><p></p><p>Nationally, 19% of homeowners are deeply underwater on their mortgages.</p><p></p><p>Daren Bloomquist with Realty Trac says many homeowners have been waiting a long time for their house to gain value.</p><p></p> Sat, 11 Jan 2014 21:35:26 +0000 Steve Carmody 15976 at http://michiganradio.org Many Michigan homeowners are still deeply underwater on their mortgages Michigan's real estate industry should see more improvement in 2014 http://michiganradio.org/post/michigans-real-estate-industry-should-see-more-improvement-2014 <p>Michigan is starting 2014 with its housing market in better shape than it’s been in in years.</p><p></p><p>The number of new home foreclosures is actually smaller than it was in 2006, before the recession began. Home prices are also improving.</p><p></p><p>But Daren Bloomquist with Realty Trac says there are still many Michigan homeowners who owe more on their mortgages than their homes are worth. He says 2014 may finally turn that around.</p><p></p> Sat, 04 Jan 2014 21:20:00 +0000 Steve Carmody 15879 at http://michiganradio.org Michigan's real estate industry should see more improvement in 2014 Cash is king in Michigan home sales at the moment http://michiganradio.org/post/cash-king-michigan-home-sales-moment <p>Michigan has seen a sharp spike in the number of people paying cash for homes.</p><p></p><p>Last month, cash sales represented 49% of the home sales in Michigan. &nbsp;</p><p></p><p>Nationwide, 42% of home sales in November were all cash.</p><p></p><p>Daren Bloomquist is with Realty Trac. He says investors are trying to gobble up a lot of newer, starter homes</p><p></p><p></p><p>“These investors are seeing a window of opportunity when home prices in many markets have been undervalued, especially compared to rent,” says Bloomquist.</p><p></p> Fri, 20 Dec 2013 11:43:00 +0000 Steve Carmody 15769 at http://michiganradio.org Cash is king in Michigan home sales at the moment Home flipping returns to Michigan's real estate markets http://michiganradio.org/post/home-flipping-returns-michigans-real-estate-markets <p>House flippers in Michigan are having a tough time making money these days.</p><p>Before the recession, house flipping was a small, but very active part of Michigan&rsquo;s real estate industry.</p><p>House flipping is where a person buys a home and quickly puts it back on the market, hoping to make a profit on the sale. Many homes resell within six months.&nbsp; Flipping flopped during the recession as plunging home prices took the profit away.</p><p>But a large stock of foreclosed homes and rising home prices has once again spurred interest in flipping in Michigan.</p> Thu, 17 Oct 2013 16:36:25 +0000 Steve Carmody 14876 at http://michiganradio.org Home flipping returns to Michigan's real estate markets 8 years after the bubble burst, Michigan home sale prices are still inching their way back up http://michiganradio.org/post/8-years-after-bubble-burst-michigan-home-sale-prices-are-still-inching-their-way-back <p>Michigan home sale prices have made a major recovery from the bottom of the recession.</p><p>But home prices are still far below their peak eight years ago.</p><p>Michigan’s median home price reached its peak in September, 2005 at about $150 thousand.</p><p>After the bubble burst, home prices fell dramatically, tumbling to just $51 thousand dollars.</p><p>Median home prices bottomed out in June of 2009 and have been climbing slowly since.</p><p>Realty Trac’s Daren Bloomquist says Michigan’s median home price last month was $97 thousand dollars.</p> Thu, 26 Sep 2013 04:25:00 +0000 Steve Carmody 14590 at http://michiganradio.org 8 years after the bubble burst, Michigan home sale prices are still inching their way back up More Michigan homeowners are underwater on their mortgages http://michiganradio.org/post/more-michigan-homeowners-are-underwater-their-mortgages <p>Michigan homeowners continue to struggle with underwater mortgages.</p><p></p><p>Realty Trac reports today that 38% of Michigan homeowners owe at least 25% more on their mortgages than their homes are actually worth.</p><p></p><p>Michigan trails only Nevada, Illinois and Florida for the percentage of home mortgages that are deeply underwater.</p><p>Realty Trac’s Daren Bloomquist says more homeowners in those states may be underwater on their mortgages, but home values are also rising faster than in Michigan.</p> Thu, 05 Sep 2013 04:52:00 +0000 Steve Carmody 14273 at http://michiganradio.org More Michigan homeowners are underwater on their mortgages Michigan's home foreclosure rate continues to fall http://michiganradio.org/post/michigans-home-foreclosure-rate-continues-fall <p></p><p>Michigan’s home foreclosure rate is tumbling. The rate of home foreclosure filings in Michigan is half of what it was six months ago.&nbsp;</p><p>June marked the 32nd consecutive month of “year-over-year” declines in the number of home foreclosure filings in Michigan.</p><p>Daren Blomquist is with RealtyTrac.&nbsp; He expects that trend will continue.</p><p>“We’ll see the declines continue at least through the end of this year,” says Blomquist, “But then I would expect in 2014 that’s probably when we’ll see the numbers flatten out.”</p> Thu, 11 Jul 2013 04:59:00 +0000 Steve Carmody 13476 at http://michiganradio.org Michigan's home foreclosure rate continues to fall Looking for a little 'fixer-upper?' Try Detroit or Lansing http://michiganradio.org/post/looking-little-fixer-upper-try-detroit-or-lansing <p>Potential home buyers looking for a fixer-upper may want to look in Detroit or Lansing.</p><p></p><p>Realty Trac is out with a list of the 15 cities with the largest number of bank-owned homes on the market that were built before 1960 and valued at under $100 thousand.</p><p></p><p>Detroit tops the list, with nearly four thousand older homes with an average estimated value of just over $40 thousand. Lansing comes in 15<sup>th</sup>, with more than 500 pre-1960 homes with an average estimated value of $56 thousand.</p><p></p> Thu, 06 Jun 2013 04:38:00 +0000 Steve Carmody 12903 at http://michiganradio.org Looking for a little 'fixer-upper?' Try Detroit or Lansing Several local cities rank high on a list of the best places to rent out single family homes http://michiganradio.org/post/several-local-cities-rank-high-list-best-places-rent-out-single-family-homes <p>A new report finds three regional cities are good places to buy and rent out single family homes.</p><p></p><p>A new Realty Trac survey lists Detroit, Saginaw and Toledo among the 20 best markets in the country to own and rent single family homes. Florida cities dominate the rest of the list.</p><p></p><p>The top 20 are based on the markets with the most potential cash flow and capitalization rates on a 3-bedroom home.</p><p></p> Thu, 04 Apr 2013 04:14:00 +0000 Steve Carmody 12000 at http://michiganradio.org Several local cities rank high on a list of the best places to rent out single family homes Report: Detroit's home foreclosure rate is moving down http://michiganradio.org/post/report-detroits-home-foreclosure-rate-moving-down <p>Detroit’s home foreclosure rates are dropping.</p><p></p><p>Realty Trac reports Detroit now has the 39th highest home foreclosure rate in the country. That's a big change from a few years ago, when Detroit routinely ranked in the top ten.</p><p></p><p>In September,&nbsp; Detroit’s home foreclosure rate was at its lowest point since September, 2006.&nbsp;</p><p></p><p>Daren Bloomquist is with Realty Trac. &nbsp;&nbsp;&nbsp;He says Detroit’s foreclosure numbers are improving, but he says more than half of Wayne County homeowners are ‘underwater” on their mortgages.</p><p></p> Thu, 25 Oct 2012 05:00:01 +0000 Steve Carmody 9604 at http://michiganradio.org Report: Detroit's home foreclosure rate is moving down Foreclosure numbers tumble again in Michigan (but a September spike is possible) http://michiganradio.org/post/foreclosure-numbers-tumble-again-michigan-september-spike-possible <p>Michigan’s home foreclosure rate continues to trend lower, but a spike in foreclosure filings may be coming this month.</p><p></p><p>August marked 22&nbsp; straight months that Michigan’s year over year foreclosure numbers declined.</p><p></p><p>In fact, the number of foreclosure filings in Michigan in August fell 41 percent compared to August a year ago. &nbsp;&nbsp;Also, none of the 20 U.S. cities with the highest home foreclosure rates are located in Michigan.</p><p></p><p>But Daren Bloomquist with Realty Trac says there are signs that the trend may soon end.</p><p></p> Thu, 13 Sep 2012 05:01:01 +0000 Steve Carmody 9060 at http://michiganradio.org Foreclosure numbers tumble again in Michigan (but a September spike is possible) Michigan's home foreclosure rate declines for 19th straight month http://michiganradio.org/post/michigans-home-foreclosure-rate-declines-19th-straight-month <p>Michigan&rsquo;s home foreclosure rate continues to fall dramatically.</p><p>Realty Trac reports today foreclosure filings in Michigan fell another 6% last month and are down more than 40% compared to a year ago.</p><p>&ldquo;We&rsquo;re getting close to now 2 years of a long-term downward trend in Michigan foreclosure activity,&rdquo; says Daren Bloomquist, who is a Realty Trac vice president.</p> Thu, 14 Jun 2012 05:01:01 +0000 Steve Carmody 7878 at http://michiganradio.org Michigan's home foreclosure rate declines for 19th straight month Home foreclosures declining in Michigan http://michiganradio.org/post/home-foreclosures-declining-michigan <p><a href="http://www.realtytrac.com/content/foreclosure-market-report/q1-and-march-2012-us-foreclosure-market-report-7111">Realty Trac</a> is reporting today that Michigan&rsquo;s home foreclosure rate is improving.</p><p>Foreclosure filings were down nearly 20% during the first three months of the year compared to the fourth quarter of 2011. The decline was even steeper compared to the same time a year ago.</p><p>Daren Bloomquist is with Realty Trac. He says nationally foreclosure numbers haven&rsquo;t looked this good since before the recession started in 2008.</p><p>&ldquo;I definitely think in Michigan&hellip;we&rsquo;re passed the worst of this foreclosure problem&hellip; we&rsquo;re on the downward slope,&quot; says Bloomquist, &quot;But there&rsquo;s just a few bumps I the road going forward before we completely&hellip; are out of the woods in terms of foreclosure in Michigan.&rdquo;</p><p>Bloomquist expects there will be a spike in new home foreclosures in the second half of the year. Thu, 12 Apr 2012 05:01:01 +0000 Steve Carmody 7008 at http://michiganradio.org Home foreclosures declining in Michigan Michigan's home foreclosure crisis easing http://michiganradio.org/post/michigans-home-foreclosure-crisis-easing <p>Michigan&rsquo;s home foreclosure rate continued to fall in February.</p><p>Realty Trac reports today that one in every 433 Michigan homes had a foreclosure notice filed against it in February.</p><p>That was an improvement over January (down 18%)&nbsp;and a big improvement compared to February a year ago (down 25%).</p><p>The better statewide numbers are mirrored in the Detroit market (down 17% from January-down 27% from February, 2011),&nbsp;which has long been the epicenter of Michigan&rsquo;s foreclosure problems.</p> Thu, 15 Mar 2012 05:01:01 +0000 Steve Carmody 6645 at http://michiganradio.org Michigan's home foreclosure crisis easing Michigan's home foreclosure rate improving http://michiganradio.org/post/michigans-home-foreclosure-rate-improving <p>Home foreclosure filings in Michigan continued to slide last month.&nbsp;&nbsp;&nbsp;</p><p>Realty Trac reports one in every 354 Michigan homes were in the foreclosure process in January.&nbsp;&nbsp;&nbsp;&nbsp; That&rsquo;s a 23%&nbsp;improvement over January, 2011.</p><p>Daren Bloomquist is with Realty Trac.&nbsp;&nbsp; He&rsquo;s been expecting Michigan&rsquo;s foreclosure numbers to get worse for more than a year, but instead the numbers have been getting better each of the last 15 months.</p> Thu, 16 Feb 2012 06:01:01 +0000 Steve Carmody 6237 at http://michiganradio.org Sale prices for foreclosed homes in Michigan are rising http://michiganradio.org/post/sale-prices-foreclosed-homes-michigan-are-rising <p>&nbsp;The prices home buyers are paying for repossessed homes are rising in Michigan.&nbsp;&nbsp;&nbsp;&nbsp;One analyst says it might be a sign&nbsp;that the real estate market may finally have hit bottom.&nbsp;&nbsp;&nbsp;&nbsp;</p><p>Formerly foreclosed homes have saturated the market in Michigan since the recession hit a few years ago.&nbsp;&nbsp; The high percentage of foreclosed homes on the market has been blamed for real estate prices crashing to levels not seen in Michigan since the 1990&rsquo;s.</p> Thu, 26 Jan 2012 14:42:02 +0000 Steve Carmody 5950 at http://michiganradio.org Sale prices for foreclosed homes in Michigan are rising Mortgage lenders plan to speed up the foreclosure process in Michigan in 2012 http://michiganradio.org/post/mortgage-lenders-plan-speed-foreclosure-process-michigan-2012 <p>According to Realty Trac, the number of home foreclosures in Michigan&nbsp;last year dropped to the lowest level&nbsp;since 2007. The&nbsp;actual number of foreclosure filings dropped&nbsp;26%&nbsp;compared to 2010.&nbsp;&nbsp;&nbsp;</p><p>The decline is&nbsp;partly due to a slowdown in the paperwork process. The average time between the first foreclosure filing and final repossession of a home in Michigan took 283 days last year. That&rsquo;s a 46% increase over the number of days it took in 2010.&nbsp;&nbsp;</p><p>Daren Bloomquist is with Realty Trac. He says mortgage lenders will be speeding up the pace of home foreclosures this year.&nbsp;&nbsp;</p><p>&quot;We&rsquo;re past the peak of the foreclosure crisis in Michigan&hellip; but the numbers in 2011 were artificially lower than they should have been,&quot; says Bloomquist.&nbsp;&nbsp;</p><p>Michigan had the sixth highest home foreclosure rate in the nation last year&nbsp;with one in every 45 homes receiving a foreclosure notice. Thu, 12 Jan 2012 05:30:01 +0000 Steve Carmody 5745 at http://michiganradio.org Mortgage lenders plan to speed up the foreclosure process in Michigan in 2012 New home foreclosure filings jump in October in Michigan http://michiganradio.org/post/new-home-foreclosure-filings-jump-october-michigan <p>New data out this morning&nbsp;suggests Michigan might be feeling the start of a new wave of home foreclosures.&nbsp;</p><p>It&rsquo;s not like Michigan&rsquo;s home foreclosure rate wasn&rsquo;t already a problem. But in October, Michigan recorded a 13 percent increase in the number of new default notices.&nbsp;</p><p>Daren Bloomquist is with RealtyTrac. He says it&rsquo;s a nationwide trend.&nbsp;&nbsp;&nbsp;</p><p><em>&ldquo;</em>The lenders are definitely ramping back up and filing more foreclosures that maybe were delayed over the last few months,&quot; Bloomquist says.&nbsp;&nbsp;</p> Thu, 10 Nov 2011 06:01:01 +0000 Steve Carmody 4910 at http://michiganradio.org New home foreclosure filings jump in October in Michigan