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Thu January 27, 2011
Michigan cities rank low on list of home foreclosure hot spots
No Michigan housing markets rank among the 25 worst for home foreclosures in a new national survey. But, that may change by the end of this year.
Realty Trac closely follows the nation’s foreclosure trends. It’s just released 2010 ranking of foreclosure rates in the nation’s 206 largest housing markets shows both good and bad news for Michigan. Detroit ranked the highest of any Michigan city coming in 29th. Flint and Lansing were the only other Michigan cities in the top 50. The top of the list is dominated by cities in California, Florida and Nevada.
But Realty Trac’s Daren Bloomquist says while foreclosure rates in other states are easing, Michigan continues to edge higher.
“Detroit could end up by the end of 2011...and Flint even...higher than some of those markets we’ve seen consistently in the top ten...top 25.”
Bloomquist also notes that more than half of the 80 thousand homes in Detroit that got a foreclosure notice in 2010 were eventually repossessed