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Thu July 12, 2012
Michigan's home foreclosure rate trends lower
Michigan’s falling home foreclosure rate reached a milestone last month.
But one analyst expects the second half of the year will see an uptick in homes being repossessed by banks.
The number of Michigan households receiving foreclosure notices has been trending lower for 20 straight months.
Michigan still has one of the nation’s highest home foreclosure rates, but the percentage of homes with a foreclosure notice has been dropping. That's expected to change in the second half of the year.
“We’ve now seen three out of the last four months in Michigan with a year over year increase in foreclosure starts,” says Daren Bloomquist, with Realty Trac, “So, that is a bit concerning that we’re not completely out of the woods yet when it comes to foreclosures in Michigan.”
Bloomquist expects Michigan’s home foreclosure rate will rise during the second half of the year and probably into the beginning of 2013.