Podcasts & RSS Feeds
Most Active Stories
- This ballot proposal is critical to Michigan's economy, but most people won't bother to vote on it
- Don't like the water shut-offs in Detroit? Now you can pay someone's overdue water bill
- Some think their immigrant ancestors were the last that should be allowed in the U.S.
- Michigan Republican Party's tactics remind me of Watergate, because both were unnecessary
- Approaching construction on the highway? Experts say the "zipper merge" can help
Thu January 17, 2013
Michigan's home foreclosure rate has "plummeted" during the past two years
Michigan’s home foreclosure rate has "plummeted" during the past 24 months, according to a new report.
According to Realty Trac, home foreclosure activity in Michigan dropped about 23 percent last year compared to 2011 and 43 percent compared to 2010.
Daren Bloomquist is with Realty Trac. He says Michigan still has one of the highest home foreclosure rates in the nation.
“The foreclosure rate (in Michigan), even despite these big decreases, is still above the national average for the year,” says Bloomquist. "(Michigan) still ranks 8th among the states, so it’s still in the top ten.”
Bloomquist says there’s another trend worth noting. He says home sellers in Michigan last year were getting about 94 percent of their initial asking price. That’s a big improvement over recent years.
Bloomquist says that could mean Michigan’s becoming more of a seller’s market, though it may also show sellers are becoming more realistic about what their homes are really worth.
Politics & Government