August saw a big leap in the number of new home foreclosure filings in Michigan.
2011 was expected to be a record year for home foreclosures in Michigan, but it didn’t happen. Foreclosure filings slowed at the beginning of the year, as banks scrambled to fix paperwork problems and respond to new government regulations. But it appears now the tide is turning.
New home foreclosure filings jumped 36 percent from July to August in Michigan.
Daren Bloomquist is with Realty Trac. He says banks noticed last month that they had a decline in the number of repossessed homes they were trying to sell.
“I think that’s another reason the lenders may be more willing to push properties into the foreclosure process…because some of that backlog of inventory has been cleared out.”
Bloomquist expects foreclosure filings will resemble a roller coaster over the next few months, though it will be a rollercoaster mainly rolling uphill.