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Thu April 26, 2012
Most Michigan cities see declining home foreclosure filings
Most Michigan cities saw their home foreclosure rates tumble during the first quarter of the year. One analyst says that might signal a trend for the rest of 2012.
Home foreclosure filings dropped between 20% and 30% in Detroit, Kalamazoo, Ann Arbor and Grand Rapids during the first three months of the year. That's compared to the first quarter of 2011, according to Realty Trac.
Lansing was the only Michigan city on Realty Trac’s list to see an increase in home foreclosure filings between January and March. Daren Bloomquist is with Realty Trac.
He says Lansing’s foreclosure rate increase was tied to a big increase in final bank repossessions. "It seems like it’s more of a clearing out of the foreclosure pipeline rather than a lot a new foreclosures coming online and starting the process," says Bloomquist.
Bloomquist expects other Michigan housing markets will see spikes in foreclosure filings as the year goes on, but he predicts the general trend will be fewer foreclosures in Michigan.