Foreclosure rate falls in Michigan... for now

Dec 16, 2010

Foreclosure filings in Michigan fell 20% between October and November, but most of the decline came in homes in the final stages of foreclosure according to data released by Realty Trac, a group that calls itself "the nation's leading online foreclosure marketplace."

The pace of homes entering the system remained relatively unchanged.

Daren Bloomquist, with Realty Trac , believes banks backed off on home repossessions last month after a wave of negative publicity about mistakes in foreclosure documents. Bloomquist said:

"Ultimately, we think this issue is not going to stop very many foreclosures. A very small fraction of properties are going to not be foreclosed on that otherwise would be foreclosed on. It’s just that they are going to be delayed."

Bloomquist expects banks will accelerate repossessions early next year.

In Realty Trac's data, Michigan ranked 7th in the rate of foreclosures. Nevada had the highest foreclosure rate for the 47th straight month.