Michigan’s home foreclosure rate is speeding up and slowing down.
Realty Trac reports banks are repossessing more homes – up 27% in November from a year ago – but the number of new homes entering the foreclosure process is way down.
Daren Blomquist is with Realty Trac. He says banks are clearing out the last of the homes that fell into foreclosure during the Great Recession.
“The future is looking bright, but (banks are) still dealing with some of that lingering distress in the state,” says Blomquist.
He says most of the homes now being repossessed had their mortgages written between 2004 and 2008, just before the housing market crashed.
Blomquist says Michigan’s home builders may see more opportunity in 2016, now that there are fewer cheap repossessed homes on the market.