Business
9:01 am
Thu October 11, 2012

Michigan's falling home foreclosure rate may reach a milestone soon

Michigan’s home foreclosure rate could soon reach a milestone.

A few years ago the state's foreclosure rate was near the top of the fifty state list.

But Daren Bloomquist with Realty Trac says the latest data shows Michigan is poised to drop out of the top ten, possibly by the end of the year.

"It’s still in that top ten…but it’s moving down," says Bloomquist,  "(Michigan) had often been showing up in the top five over the last few years….now it’s moved down to number nine in September.”

Bloomquist says Michigan’s home foreclosure rate is near a five year low.  

While Michigan's home foreclosure rate continued it's downward trend during the third quarter, foreclosure filings edged higher in Ohio and Indiana.