New home foreclosure filings jump in October in Michigan
New data out this morning suggests Michigan might be feeling the start of a new wave of home foreclosures.
It’s not like Michigan’s home foreclosure rate wasn’t already a problem. But in October, Michigan recorded a 13 percent increase in the number of new default notices.
Daren Bloomquist is with RealtyTrac. He says it’s a nationwide trend.
“The lenders are definitely ramping back up and filing more foreclosures that maybe were delayed over the last few months," Bloomquist says.
Bloomquist expects the number of home foreclosures in Michigan will continue to increase through the end of the year and into the first quarter of next year.
He says one benefit of the banks and other mortgage lenders stepping up foreclosures is that there will be more repossessed homes on the market. That's a segment of the real estate industry where buyers have been very active in recent years.
But repossessed homes also tend to depress home sale prices overall.