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Thu June 14, 2012
Michigan's home foreclosure rate declines for 19th straight month
Michigan’s home foreclosure rate continues to fall dramatically.
Realty Trac reports today foreclosure filings in Michigan fell another 6% last month and are down more than 40% compared to a year ago.
“We’re getting close to now 2 years of a long-term downward trend in Michigan foreclosure activity,” says Daren Bloomquist, who is a Realty Trac vice president.
“We’re seeing about the same number of properties start the foreclosure process in Michigan as we saw a year ago,” says Bloomquist, “But, we’re seeing fewer...much fewer of those actually make it to a completed foreclosure where the property is repossessed by the bank.”
The decline is also notable in the Michigan city hardest hit by the home foreclosure crisis during the past few years.
Bloomquist says metro Detroit’s home foreclosure rate fell faster last month than any other of the nation’s 20 largest cities.