Economy
12:13 am
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.