foreclosure

Economy
9:15 am
Thu December 9, 2010

Michigan home prices continue slide

Michigan home prices continue their downward slide and the trend shows little sign of stopping.

Home prices in Michigan declined about 9% in the third quarter, a downward trend that started in April as government buying incentives began to dry up.

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Home Sales
9:05 am
Thu December 2, 2010

Foreclosed home sales slow in Michigan

Fewer people bought formerly foreclosed homes in Michigan in the third quarter of the year. 

Federal home buyer tax credits spurred home sales in Michigan and the rest of the country during the first half of the year.  Daren Bloomquist with Realty Trac says July through September home sales slumped without those incentives.  He says Michigan’s foreclosed home sales dipped 26%.

Bloomquist says:

Some of the sales you would have seen in the third quarter were pushed forward to the second quarter.  So, there was a little artificial inflation in those numbers. These numbers in the third quarter are a little bit lower than normal.

People who bought one of the 95 hundred formerly foreclosed homes that sold in Michigan in the third quarter of the year got a good deal.  The average sale price was about 41% cheaper than similar homes sold at the same time.

Homeless awareness
4:34 pm
Fri November 5, 2010

Community leaders in Flint hoping to raise awareness of growing homeless population

Tom Knight trying to help "Richard" one of many homeless veterans in the Flint through his work at Resource Genesee.
Gerry Leslie Homeless Management Information Systems

In 2008, the state estimates there were a little more than 86,000 people without a home. Half of them were families.

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Housing Market
3:11 pm
Thu October 14, 2010

Michigan foreclosure rate stable, but still higher than last year

Michigan ranks 8th in the nation for foreclosures

Michigan’s home foreclosure rate has stabilized, but is still much higher than the national rate. One out of every 98 homes in the state is in the foreclosure process.

Daren Bloomquist is a spokeman for RealtyTrac, a company that tracks foreclosures.

“In Michigan I would say the number one issue is unemployment. It's still there and so that's still pushing people into foreclosure. Until we solve that problem, you're still going to see an elevated level of foreclosures in Michigan," Bloomquist said.

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Making the best of it
1:02 pm
Thu October 7, 2010

Foreclosures create opportunity for Habitat for Humanity

House leader Steve Denman helps Kallista Walker build a knee wall in the attic of this house. Walker is putting in part of her 300 hours of sweat equity so she can qualify for a house of her own.
Rebecca Williams Michigan Radio's The Environment Report

Habitat for Humanity says it's saving money by fixing up foreclosure in Michigan, rather than building new. The Environment Report's Rebecca Williams visited volunteers working on rehabbing a house in Ypsilanti Township. Megan Rogers with Habitat says rehabbing foreclosures costs about 1/3 less than building new, but it can be a bit more challenging:

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