Economy
12:07 am
Thu February 14, 2013

Michigan's home foreclosure rate closer to national average

Michigan is close to ending its role as a leader in home foreclosures.

At one time the state had the highest foreclosure rate in the country.

But after 27 straight months of declines, Michigan’s foreclosure rate is almost down to the national average.

“It’s still in the Top Ten states for foreclosure rates…barely it’s at number ten,” says Daren Bloomquist with Realty Trac, “with one in every 837 housing units with a foreclosure filing in the month (of January)….and that’s not too far off the national average ….which is one in every 867 housing units.”

Bloomquist says rising home values may lead more Michigan homeowners to sell their homes in 2013 rather than let them slip into foreclosure.