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Thu February 10, 2011
Foreclosures didn't spike as expected
Analysts expected a big jump in home foreclosures in Michigan in January. But the jump didn’t materialize.
Home foreclosures slowed last fall in Michigan and around the country as banks dealt with a scandal about robo-signings. Essentially mortgage lenders signing foreclosure documents without checking to make sure what they were signing was accurate or truthful. Foreclosures were expected to spike this month. But they didn’t. Realty Trac reports Michigan saw only a 4% increase in foreclosure filings in January. Nationally only a one percent increase.
“We are seeing evidence, and Michigan is one of those that the lenders are at least slowly starting to ramp back up processing foreclosures.”
Daren Bloomquist is with Realty Trac. Bloomquist says bank repossessions did increase by 14 percent in January. Tere were more than 79 thousand bank-owned homes sitting with ‘For Sale’ signs in Michigan last month, according to Realty Trac. That’s the highest number of foreclosed homes on Michigan’s housing market since the company started following the home sales market in 2005.
Bloomquist says more foreclosed homes continue to join those already clogging Michigan’s housing market.
“The market will still have to deal with those foreclosed properties that will eventually hit the market and be sold.”