2012 may see a huge increase in home foreclosures in Michigan
Home foreclosures in Michigan are expected to increase in 2012.
The pace of foreclosure filings slowed in 2011 as mortgage lenders had to deal with new rules and lawsuits.
Daren Bloomquist is with RealtyTrac. He said most of the issues that slowed the rate of foreclosure filings have now been dealt with. But Bloomquist said there’s always the chance that new obstacles will arise.
“You could see more intervention on the part of the state of Michigan or on the part of the federal government to further delay some of these foreclosures," said Bloomquist, "But if we don’t see that happen we will definitely see 2012 be an up year compared to 2011."
Bloomquist said if banks and other mortgage lenders are able to move through their backlog of delinquent home loans in 2012, then home foreclosures in Michigan may start easing in 2013 or 2014.
Governor Snyder signed a package of bills just before Christmas that are intended to clarify the foreclosure process in Michigan.
"This legislation helps protect families and ensures the stability of Michigan communities," said Snyder. "When foreclosures are prevented, homes are not vacated, families are not displaced and townships, cities and counties do not lose the tax base provided by homeownership."
Michigan has one of the highest home foreclosure rates in the nation.