The number of foreclosure filings dropped significantly in cities across Michigan during the first six months of the year. Daren Bloomquist, with Realty Trac, says this not necessarily good news.
“We’ve probably seen the peak of foreclosure activity in this cycle. But it may take a while to really to clear the decks and get all the foreclosures that have built up over the last few years sold on to the market.”
Realty Trac says the number of banks and other mortgage lenders filing foreclosure paperwork between January and June in Detroit dropped nearly 28% compared to the same time last year. Grand Rapids, Kalamazoo and Ann Arbor posted similar declines.
Bloomquist says slowing foreclosure filings may delay the real estate industry’s recovery from the recession.