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Tue May 17, 2011
Foreclosure rates will continue to rise in Metro Detroit
Livingston and Macomb Counties showed some improvement in Metro Detroit’s slumping home sale prices and sales since January. Macomb County boosted home sales by 5% in the four month period. Livingston County increased home sale prices by 8.5% in April to $140,ooo.
Daren Bloomquist is with the foreclosure authority, RealtyTrac. He says those numbers are a result of foreclosure rates in the counties. Livingston County had the lowest foreclosure rates in April. Macomb County had the highest foreclosure rates, which brings prices down and stimulates more home sales.
Bloomquist says he thinks home sales will increase in the summer months because more foreclosed homes will enter the market.
“I do think that we are going to see, similar to what we saw in Macomb County, spread throughout the region is an increase in foreclosures, a bump back up in the foreclosure numbers in the spring and summer seasons.”
Bloomquist says foreclosure rates slowed in recent months because lenders got caught signing hundreds, if not thousands of foreclosure documents without reviewing them carefully.
Emily Fox- Michigan Radio Newsroom