home foreclosure http://michiganradio.org en Michigan’s foreclosure activity drops, as nationwide number hits lowest since 2006 http://michiganradio.org/post/michigan-s-foreclosure-activity-drops-nationwide-number-hits-lowest-2006 <p></p><p>Is America climbing out of the foreclosure hole dug during the Great Recession?</p><p>That's the question tackled in reports from Realty Trac, which keeps a close watch on real estate data. Its <a href="http://www.realtytrac.com/statsandtrends/foreclosuretrends/mi">Midyear 2014 U.S. Foreclosure Market Report</a> is out today.</p><p>The report shows that U.S. foreclosure activity in June decreased 16% from a year ago to lowest level since July 2006, the month before the housing-price bubble burst. In Michigan, the foreclosure activity was also bac<span style="line-height: 1.5;">k to a lower level than the number before the housing bust.</span></p><p>Daren Blomquist, a Vice President with Realty Trac, discussed three reasons behind this slowdown in foreclosures.</p><p> Thu, 17 Jul 2014 21:56:23 +0000 Stateside Staff 18414 at http://michiganradio.org Michigan’s foreclosure activity drops, as nationwide number hits lowest since 2006 Michigan's long, slow climb from home foreclosure crisis continues http://michiganradio.org/post/michigans-long-slow-climb-home-foreclosure-crisis-continues <p>Michigan’s home foreclosure crisis of a few years ago can still be felt by the state’s real estate industry.</p><p></p><p>In February, 2011, 35.3% of the homes sold in Michigan were distressed homes: formerly foreclosed on or being sold short for a loss.</p><p>In May of this year, 18.6% of home sales involved distressed homes.</p><p><a href="http://www.realtytrac.com/statsandtrends">Realty Trac reports </a>Michigan home prices continue to improve, claiming the median sale price for a Michigan home last month was $100,000, that’s up 18% in the past year.</p> Tue, 24 Jun 2014 09:12:00 +0000 Steve Carmody 18112 at http://michiganradio.org Michigan's long, slow climb from home foreclosure crisis continues 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 Man accused of using fake religious organization to run foreclosure rescue scam http://michiganradio.org/post/man-accused-using-fake-religious-organization-run-foreclosure-rescue-scam <p>Michigan’s Attorney General says a Detroit man defrauded more than 100 people in southeast Michigan with a fake mortgage rescue scam.</p><p>Bill Schuette says Anthony&nbsp;Carta ran the scam through a phony religious organization called Freedom by Faith Ministries.</p><p>Carta promised homeowners facing foreclosure he’d settle up with their mortgage lenders, for a fee. But he would pocket that money instead.</p><p>Carta is accused of stealing more than $300,000 this way. He’s being charged with conducting a criminal enterprise and two other felonies.</p> Fri, 04 Apr 2014 10:00:00 +0000 Sarah Cwiek 17099 at http://michiganradio.org Man accused of using fake religious organization to run foreclosure rescue scam 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 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 is seeing a slowdown in home foreclosures http://michiganradio.org/post/michigan-seeing-slowdown-home-foreclosures <p>Michigan's home foreclosure rate is tumbling.</p><p>During the Great Recession, Michigan's foreclosure rate was among the nation's highest and, at times, the highest in the nation.</p><p>Today, Michigan ranks 15th.</p><p>Put it another way: Our home foreclosure rate is half of what it was six months ago.</p><p>Daren Bloomquist is with Realty Trac and he joined us today from their offices in California.</p><p><em>Listen to the full interview above.</em></p><p> Thu, 11 Jul 2013 21:49:00 +0000 Stateside Staff 13499 at http://michiganradio.org Michigan is seeing a slowdown in home foreclosures Stateside for Thursday, July 11th, 2013 http://michiganradio.org/post/stateside-thursday-july-11th-2013 <p>Michigan's home foreclosure rate is falling and our state is certainly no longer number one in foreclosures in the country. We found out why on today's show.</p><p>And, Michigan Radio's Political Analyst Jack Lessenberry joined us to take a look at how your state lawmakers are spending their summer recess.</p><p>And, a Michigan videographer is heading to Greenland to document the effects of pollution on glaciers for a project called “Dark Snow.”</p><p>Also, we spoke with the father of a 12-year-old Ohio State fan who found a creative way to use the rivalry between OSU and U of M to help him beat brain cancer.</p><p>And, Scott DeRue, who teaches at the Ross School of Business at the University of Michigan, joined us to talk about his recent climb to the summit of Mount Everest.</p><p>First on the show, it’s Thursday which means it’s the time we turn to Daniel Howes – Columnist at the Detroit News.</p><p>Today he took a look at Kevyn Orr and the meetings he had this week with Detroit’s creditors and bond holders.</p><p> Thu, 11 Jul 2013 21:42:19 +0000 Stateside Staff 13500 at http://michiganradio.org Stateside for Thursday, July 11th, 2013 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 Michigan's governor signs foreclosure law changes http://michiganradio.org/post/michigans-governor-signs-foreclosure-law-changes <p>LANSING, Mich. (AP) - Governor Rick Snyder has signed into law changes in Michigan's home foreclosure rules but is calling on lawmakers to swiftly enact more legislation to clarify some issues.<br><br>Bills signed Wednesday keep intact the redemption period when homeowners can challenge a foreclosure's legality. An earlier version of the legislation would have reduced the period from 6 months to 60 days.<br> Thu, 04 Jul 2013 14:27:00 +0000 The Associated Press 13382 at http://michiganradio.org Michigan's governor signs foreclosure law changes Proposed changes to Michigan’s home foreclosure laws allow unannounced inspections http://michiganradio.org/post/proposed-changes-michigan-s-home-foreclosure-laws-allow-unannounced-inspections <p>Housing advocates are asking Governor Rick Snyder to veto a <a href="http://www.legislature.mi.gov/(S(rmhgbm3wr0tlbpmqchqs5omv))/mileg.aspx?page=getObject&amp;objectName=2013-SB-0383">package of bills </a>that would change home foreclosure rules.</p> Mon, 24 Jun 2013 15:05:40 +0000 Lindsey Smith 13197 at http://michiganradio.org Proposed changes to Michigan’s home foreclosure laws allow unannounced inspections In this morning's news: High childhood poverty rate, home foreclosure changes, beach quality better http://michiganradio.org/post/mornings-news-high-childhood-poverty-rate-home-foreclosure-changes-beach-quality-better <p><strong>Childhood poverty rate high in Michigan</strong></p><p>This year’s <a href="http://www.mlpp.org/kids-count">Kids Count report</a> from the Michigan League for Public Policy and the Annie E. Casey Foundation says Michigan ranks 31st nationwide for overall child well-being. Michigan League for Public Policy President Gilda Jacobs told Michigan Radio's Jake Neher that state lawmakers should restore Michigan’s tax credits for low-income families and ease restrictions on welfare cash assistance.</p><p><strong>Possible changes in home foreclosure rules</strong></p><p>Legislation in Lansing could change home foreclosure rules in Michigan. Currently, after a foreclosure, homeowners get six months after it gets sold at auction to regain the property. Under the <a href="http://michiganradio.org/post/proposed-changes-michigan-s-home-foreclosure-laws-allow-unannounced-inspections">proposed changes</a>, a homeowner would lose that redemption period if the house is damaged. The idea is to stop homeowners going through foreclosure from damaging the home.<br><br>Neeta Delaney, director of the Michigan Foreclosure Task Force, told Michigan Radio's Lindsey Smith she worries the provision would only make the foreclosure process more contentious.</p><p><strong>Michigan beachgoers lost 755 days of water access</strong></p><p>The Michigan Department of Environmental Quality's annual <a href="http://www.deq.state.mi.us/beach/">beach quality report</a> says Michigan beachgoers lost 755 days of water access in 2012 because of pollution. The most common cause for beach closings was the presence of bacteria from human or animal feces. Altogether, 166 beaches were closed for a total of 755 days in 2012. That's down from 913 days&nbsp; in 2011.</p><p> Mon, 24 Jun 2013 11:05:20 +0000 Michigan Radio Newsroom 13203 at http://michiganradio.org In this morning's news: High childhood poverty rate, home foreclosure changes, beach quality better 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 Lawmakers seek to shorten the amount of time to stop a bank foreclosure http://michiganradio.org/post/lawmakers-seek-shorten-amount-time-stop-bank-foreclosure <p>Opponents of a plan to change the foreclosure process in Michigan say it would put more people out of their homes and hurt property values.</p><p>They were in Lansing today to protest a package of bills in the state Legislature.</p><p>The legislation would shorten the amount of time homeowners have to stop a bank foreclosure from six months to two months.</p><p>Ingham County Register of Deeds Curtis Hertel Jr. says banks have wrongly foreclosed on thousands of properties across the state.</p><p>He says it often takes months for people to prove they don’t deserve to lose their home.</p> Tue, 28 May 2013 21:08:01 +0000 Jake Neher 12778 at http://michiganradio.org Lawmakers seek to shorten the amount of time to stop a bank foreclosure Fraudulent loan activity declines in Michigan http://michiganradio.org/post/fraudulent-loan-activity-declines-michigan <p>Fraudulent loan activity declined slightly in Michigan at the end of last year.</p><p></p><p>Kroll Factual Data checks loan applications for phony buyers, attempts to misrepresent the value of homes and other fraudulent information.</p><p></p><p>Kroll president Rod Bazzani says there's been a surge in home loan refinancing, which may explain the decline. &nbsp;&nbsp;He says refinancing more than doubled last year.</p><p></p> Tue, 16 Apr 2013 17:13:16 +0000 Steve Carmody 12159 at http://michiganradio.org Fraudulent loan activity declines in Michigan Michigan's home foreclosure rate closer to the national average http://michiganradio.org/post/michigans-home-foreclosure-rate-closer-national-average-0 <p>Michigan’s home foreclosure rate is no longer among the nation’s worst.</p><p></p><p>Realty Trac reports Michigan ranked 16th in the nation in home foreclosures in March.&nbsp; That is a far cry from a few years ago when the state had the nation’s highest foreclosure rate.</p><p></p><p>Mary Townley is with the Michigan State Housing Development Authority.&nbsp; She credits the authority’s “Step Forward” program for providing assistance to people at risk of losing their homes…</p><p></p><p></p> Thu, 11 Apr 2013 04:38:00 +0000 Steve Carmody 12090 at http://michiganradio.org Michigan's home foreclosure rate closer to the national average There is growing optimism in Michigan's home building industry http://michiganradio.org/post/there-growing-optimism-michigans-home-building-industry <p>Michigan’s home builders are optimistic about the year ahead.</p><p></p><p>The recession walloped Michigan’s home building industry. Many builders went out of business. Others merged and focused on home remodeling.</p><p></p><p>But a new survey shows Michigan’s home builders are optimistic about getting back into the business of building new homes. They say pent up consumer demand, especially for more expensive homes ($200,000 to $800,000), is pushing up the Michigan Housing Index.</p><p></p> Mon, 08 Apr 2013 15:37:50 +0000 Steve Carmody 12045 at http://michiganradio.org There is growing optimism in Michigan's home building industry