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Thu September 13, 2012
Foreclosure numbers tumble again in Michigan (but a September spike is possible)
Michigan’s home foreclosure rate continues to trend lower, but a spike in foreclosure filings may be coming this month.
August marked 22 straight months that Michigan’s year over year foreclosure numbers declined.
In fact, the number of foreclosure filings in Michigan in August fell 41 percent compared to August a year ago. Also, none of the 20 U.S. cities with the highest home foreclosure rates are located in Michigan.
But Daren Bloomquist with Realty Trac says there are signs that the trend may soon end.
He says last month marked the third consecutive month where mortgage lenders were scheduling more foreclosure auctions.
Bloomquist says that suggests September may see an increase in foreclosure activity.
However, politics may blunt the potential spike in home foreclosures.
Realty Trac’s Daren Bloomquist says some mortgage lenders may be waiting until after the election before pushing through a large number of new home foreclosures.