daren bloomquist

Economy
10:17 am
Thu April 10, 2014

Home foreclosures falling in Michigan, but many are not leaving their former homes

In Michigan, about 40% of foreclosed homes are still occupied by their former owners or tenants.
Credit Steve Carmody / Michigan Radio

The number of homes in Michigan in foreclosure has dropped to its lowest level since 2005.

Foreclosure filings in Michigan have been steadily declining for the past three and a half years.

Daren Bloomquist is with Realty Trac. He says banks are now dealing with the problem of getting former owners or tenants to move out of their foreclosed homes.

“One of the questions we get a lot is ‘why (are) these properties not selling?’” says Bloomquist. “One of the major answers to that is because the former occupants are still living there … nationwide 50% of the time.”

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Economy
4:35 pm
Sat January 11, 2014

Many Michigan homeowners are still deeply underwater on their mortgages

'Short sales' are the only solution for many homeowners 'deeply underwater' on their mortgages
Steve Carmody/Michigan Radio

Realty Trac reports nearly a third of Michigan homeowners owe 25 percent or more on their mortgages than their homes are actually worth.   

In December, 31% of Michigan homeowners were deeply underwater on their mortgages.  That’s down from 37% in January of 2013.

Nationally, 19% of homeowners are deeply underwater on their mortgages.

Daren Bloomquist with Realty Trac says many homeowners have been waiting a long time for their house to gain value.

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Stateside
5:49 pm
Thu July 11, 2013

Michigan is seeing a slowdown in home foreclosures

Michigan ranks 8th in the nation for foreclosures

An interview with Daren Bloomquist with Realty Trac.

Michigan's home foreclosure rate is tumbling.

During the Great Recession, Michigan's foreclosure rate was among the nation's highest and, at times, the highest in the nation.

Today, Michigan ranks 15th.

Put it another way: Our home foreclosure rate is half of what it was six months ago.

Daren Bloomquist is with Realty Trac and he joined us today from their offices in California.

Listen to the full interview above.

Economy
1:01 am
Thu August 11, 2011

Foreclosure filings down in Michigan, analyst gives some credit to government programs

(photo by Steve Carmody/Michigan Radio)

Michigan’s foreclosure rate continues to fall. A new report shows another month with a sharp decline in foreclosure filings in the state. RealtyTrac reports home foreclosure filings in Michigan declined by 15% from June to July. The filings were down 42% compared to July 2010.   

A foreclosure industry analyst says one reason for the decline is banks are taking advantage of government programs designed to keep people from losing their homes. Government anti-foreclosure programs have been the target of critics who say the programs have not kept people from losing their homes.  

But Daren Bloomquist with Realty Trac says this year’s downward trend in home foreclosure filings is probably due at least in part in part to the much maligned anti-foreclosure programs.  He says banks and other lending institutions are becoming more interested in taking part in those programs. 

“A short sale…a loan modification….is looking a lot better in their eyes than it was even last year.   It’s looking like a much better alternative than foreclosure to them.”

Bloomquist says the glut of repossessed homes will continue to depress home sale prices through probably 2015. He says keeping more homes from being repossessed may help reduce the glut of homes clogging the housing market.