WUOMFM

The foreclosure crisis is finally over

Oct 13, 2016

At long last, the foreclosure crisis is over.

That's according to Daryn Blumquist, Senior Vice President of Attom Data Solutions.  Blumquist says in Michigan, September saw the lowest foreclosure activity since December, 2005. 

Foreclosure activity plummeted 41% from September of 2015.

Bank foreclosures are also no longer being delayed due to a backlog. Blumquist says taking a long time to foreclose caused unintended problems for neighborhoods.

"You end up with these so called 'zombie foreclosures,' properties that are vacant and nobody's taking responsibility for and are falling into disrepair and being vandalized," he says. "It was dragging down the overall values of those neighborhoods, and also the property tax base.  Those properties represented unpaid property taxes in those neighborhoods."

Michigan ranked 6th worst for foreclosures during the Great Recession. Now it's 30th.