Economy
1:01 am
Thu February 16, 2012

Michigan's home foreclosure rate improving

Home foreclosure filings in Michigan continued to slide last month.   

Realty Trac reports one in every 354 Michigan homes were in the foreclosure process in January.     That’s a 23% improvement over January, 2011.

Daren Bloomquist is with Realty Trac.   He’s been expecting Michigan’s foreclosure numbers to get worse for more than a year, but instead the numbers have been getting better each of the last 15 months.

“You can’t complain about that trend," says Bloomquist,  "we’re headed in the right direction.”

Still, Bloomquist insists another jump in home foreclosures is coming.

He says the recent deal between Michigan and other states with five major mortgage lenders to correct problems with past foreclosures should lead to a new round of foreclosure filings in Michigan. 

Michigan has the nation’s fifth-highest home foreclosure rate.