Home foreclosures declining in Michigan

Apr 12, 2012

Realty Trac is reporting today that Michigan’s home foreclosure rate is improving.

Foreclosure filings were down nearly 20% during the first three months of the year compared to the fourth quarter of 2011. The decline was even steeper compared to the same time a year ago.

Daren Bloomquist is with Realty Trac. He says nationally foreclosure numbers haven’t looked this good since before the recession started in 2008.

“I definitely think in Michigan…we’re passed the worst of this foreclosure problem… we’re on the downward slope," says Bloomquist, "But there’s just a few bumps I the road going forward before we completely… are out of the woods in terms of foreclosure in Michigan.”

Bloomquist expects there will be a spike in new home foreclosures in the second half of the year.