foreclosure

Economy
1:01 am
Thu November 10, 2011

New home foreclosure filings jump in October in Michigan

(photo by Steve Carmody/Michigan Radio)

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.  

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Changing Gears
12:29 pm
Wed November 9, 2011

Empty Series: In Detroit, it's not squatting … it's blotting (Part 2)

Paula Besheers and her son Paul Browne tried in vain to buy the empty lot right next door.
Kate Davidson Changing Gears

We’re looking at the challenges of the region’s empty places this month.

For many people, the most threatening emptiness isn’t a shuttered factory.  It’s the abandoned property next door.  But in Detroit, some residents are using that emptiness to quietly reshape their neighborhoods.

They’re annexing vacant lots around them, buying them when they can or just putting up a fence.

They’re not squatters … they’re blotters.

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Economy
9:53 am
Wed November 9, 2011

Michigan Supreme Court to hear arguments in foreclosure case

Steve Carmody/Michigan Radio

On Thursday, the Michigan Supreme Court will hear arguments in a case that could affect a large number of  home foreclosures.    

The Court of Appeals ruled that mortgage lenders should not have used a national industry agency to file the foreclosures. The lower court found the Mortgage Electronic Registration System, or MERS, had no standing to file the foreclosure paperwork.    

“Anytime you’re going to take the fast track on foreclosing and take another person’s property…you need to be able to do it correctly…and right ….and legitimately," sais Lorray Brown, an attorney with the Michigan Poverty Law Program.

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Economy
1:00 am
Sun October 9, 2011

Wayne County set to start second round of tax auction

Detroit1701 flickr

People interested in purchasing tax-foreclosed properties in Wayne County have until Friday to submit deposits.

The second round of this year’s auction starts the following week. The minimum bid for all properties is $500.

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Economy
1:01 am
Thu October 6, 2011

Report: Home sale prices rise in Michigan (but is a fall coming this winter?)

(photo by Steve Carmody/Michigan Radio)

Michigan home sale prices increased significantly during the past three months. But according to a new report, prices are predicted to take another tumble. 

Michigan home sale prices are down dramatically from their pre-recession highs. However, a new report from Clear Capitol says Michigan home buyers have been paying more in recent months.

“Michigan overall is actually up even more so than the Midwest region. We have them up 8.5 percent on a quarter over quarter basis.  But still down six percent from where prices were a year ago," says Alex Villacorta with Clear Capitol. 

But Villacorta says home sale prices nationally appear to have plateaued and he expects they will decline about 3 percent this winter and even more in Michigan, which he says is more volatile than the national housing market.  

Villacorta says Detroit’s housing market continues to struggle and remains one of the lowest performing home sales markets in the country. He blames this on the fact that one in every three homes on the market has been repossessed by banks that are now trying to sell them at far below market prices.

housing
6:45 am
Mon September 26, 2011

Housing advocates, landlords argue over housing code changes

There are roughly 4,000 vacant homes in the city of Grand Rapids. In February, Grand Rapids Public Schools had to cancel classes for several days after a major snow storm because of unplowed sidewalks.
Lindsey Smith Michigan Radio

Dozens of rental property owners and housing advocates are expected at a meeting in Grand Rapids this week. The rise of foreclosures could prompt the city to change parts of its housing code.

The city inspects rental properties with two or more units. They check for fire alarms, peeling or chipping lead paint, and other safety hazards. But single family homes for rent are exempt from inspections.

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Economy
5:01 am
Thu September 15, 2011

Big jump in home foreclosure filings in Michigan last month

(photo by Steve Carmody/Michigan Radio)

 August saw a big leap in the number of new home foreclosure filings in Michigan.   

2011 was expected to be a record year for home foreclosures in Michigan, but it didn’t happen.  Foreclosure filings slowed at the beginning of the year, as banks scrambled to fix paperwork problems and respond to new government regulations.  But it appears now the tide is turning.  

New home foreclosure filings jumped 36 percent from July to August in Michigan.  

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Economy
5:01 am
Thu August 25, 2011

Foreclosures & short selling pulling down Michigan home sale prices

(photo by Steve Carmody/Michigan Radio)

Michigan home prices are still sliding thanks to banks selling foreclosed homes and short-selling others. Realty Trac reports 40 percent of all home sales in Michigan between April and June involved banks either selling foreclosed homes or short-selling other homes that were on the verge of being repossessed. That percentage is up slightly from the beginning of the year and the same time last year. 

Daren Bloomquist is with Realty Trac. He says the banks sold the homes at about a 40 percent discount. 

“We’re seeing the prices come lower and the discounts go higher, which is good news for buyers.  And it does indicate that the lenders maybe more willing to take a bigger loss on these properties in order to get them sold.”

Bloomquist expects repossessed homes will continue to be a drag on Michigan’s housing market for the next few years.

Changing Gears
11:32 am
Wed August 24, 2011

Foreclosures decline, while foreclosure businesses thrive

Frank Oliver clears out a foreclosed home in Roseville, Michigan.
Kate Davidson Changing Gears

Foreclosure activity dropped by more than a third this past year, according to the group RealtyTrac. But despite the national slowdown, regional companies that take care of foreclosed homes are still thriving. Their job is to keep empty houses clean and safe from the forces that depress local property values: squatters, thieves and decay.

Dawn Hammontree probably never expected to see their work firsthand.

The first part of Hammontree’s story is familiar in Michigan. Her unemployment ran out in December.

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Auto/Economy
10:15 pm
Tue August 23, 2011

Detroit neighborhoods struggle with squatters

flickr user Detroit1701 flickr.com

City officials have confirmed what residents in many Detroit neighborhoods have said for several years: squatting is on the rise.

Detroit has more than 100,000 vacant properties. And with the foreclosure crisis, even the city’s most stable neighborhoods are dealing with squatters.

Michael Brady is with Community Legal Resources, a group that has helped neighborhood groups deal with vacant property issues in Detroit.

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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.

Economy
1:01 am
Thu July 28, 2011

Michigan cities seeing foreclosure filings decline

(photo by Steve Carmody/Michigan Radio)

The number of foreclosure filings dropped significantly in cities across Michigan during the first six months of the year.   Daren Bloomquist, with Realty Trac, says this not necessarily good news.  

 “We’ve probably seen the peak of foreclosure activity in this cycle.  But it may take a while to really to clear the decks and get all the foreclosures that have built up over the last few years sold on to the market.”

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Economy
5:00 pm
Wed July 20, 2011

Oakland County: Fannie, Freddie dodging taxes

Oakland County Treasurer Andrew Meisner says homes like this one, sold in foreclosure by Fannie Mae and Freddie Mac, are costing the state millions in lost tax revenues.
Sarah Hulett Michigan Radio

There’s a David-and-Goliath story about to play out in federal court in Detroit.

Oakland County Treasurer Andrew Meisner says Fannie Mae and Freddie Mac are illegally dodging millions of dollars in taxes. The government-backed mortgage giants were created by the federal government, but they were spun off decades ago as hybrid enterprises with a policy mission and a profit motive. 

Just where Fannie and Freddie sit on the public-private spectrum is the central issue of the court case. And the court fight could be a bellwether for similar battles in other states. 

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Economy
1:01 am
Thu July 14, 2011

Home foreclosure filings down (and that's a problem?)

(photo by Steve Carmody/Michigan Radio)

The number of home foreclosures tumbled in Michigan during the first half of the year. One analyst says that’s bad news.  

Realty Trac reports that home foreclosure filings dropped by about 20 percent during the first six months of 2011. One in 74 homes in Michigan received a foreclosure notice between January and June. 

Rick Sharga is with Realty Trac. He says continuing questions about problems with foreclosure paperwork has slowed down the number of properties being repossessed by banks. Federal and state regulators are expected to announce a deal soon clearing major lenders from intentional wrongdoing involving faulty paperwork that mistakenly evicted people current on their mortgages. 

Sharga says the delay in foreclosure filings has slowed the recovery in Michigan’s real estate market. 

 “What over 60% of buyers are looking for right now are bank owned properties or foreclosure properties.   So it might be a little of a ‘Catch-22’ here…where we need a higher inventory of these distressed properties to get the buyers off the sidelines.”  

Sharga says it may take until 2015 to clear the huge backlog of homes in the foreclosure process which will continue to be a drag on the home sale market.

Politics
6:44 pm
Wed July 13, 2011

Lawmaker wants to make business tougher for land speculators

State Sen. Tupac Hunter

Legislation introduced at the state Capitol aims to make it more difficult for land speculators to bid on foreclosure properties at tax auctions.

State Senator Tupac Hunter says the glut of foreclosure properties has created an environment ripe for speculators who buy properties to flip them, with no intention of improving them or paying taxes on them.

His legislation would set some restrictions on who can participate in auctions where tax-foreclosed properties are sold:

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Economy
1:01 am
Fri July 8, 2011

Detroit home prices plummeted in first half of 2011

But at what price?
(photo by Steve Carmody/Michigan Radio)

Detroit home prices posted sharp declines during the first 6 months of 2011, according to a new report.  And the decline is expected to continue during the next 6 months.  Clear Capital reports Detroit’s home sale prices were down 19.8% during the first half of the year compared to the first six months of 2010. 

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Politics
4:17 pm
Wed June 22, 2011

Counties sue Fannie, Freddie over real estate taxes

Steve Carmody Michigan Radio

Oakland and Ingham counties are suing mortgage giants Fannie Mae and Freddie Mac over millions of dollars in disputed tax revenues.

Michigan has something called the real estate transfer tax, and it’s paid by the seller when a property changes hands.

Fannie and Freddie have been unloading many of the homes that revert to them in foreclosure sales.

Oakland County Treasurer Andy Meisner says the companies are trying to have it both ways – getting the benefits of private companies, and the protections of government entities.

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Economy
1:01 am
Thu June 9, 2011

Home sale prices may be stabilizing (but not in Detroit)

But at what price?
(photo by Steve Carmody/Michigan Radio)

There's positive news about the nation's home prices, but that's not  the case in Detroit.  Data released by Clear Capital today suggests home sale prices nationally may be stabilizing.  Home prices lost ground through the winter months, and the latest data shows prices dropped by 2.3% in May.  

But the good news is prices being paid for repossessed homes nationally actually increased last month.   Foreclosed homes have been dragging down home sale prices, but that might be changing. 

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Economy
2:55 pm
Tue May 31, 2011

Detroit home prices continue slide

(photo by Steve Carmody/Michigan Radio)

Detroit’s home prices may soon take another tumble.  Standard & Poor’s Price-Shiller index says home prices in the nation’s 20 largest cities are falling once again.    Home prices in Detroit aren’t falling as fast as other cities in the survey, but then again Detroit’s home prices are already the lowest among the nation’s 20 largest cities.  

  Home prices in Detroit haven’t been this low since 1995.  

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Economy
1:01 am
Thu May 26, 2011

Foreclosed homes weighing down Michigan real estate market

Foreclosed homes continued to drag down Michigan home sale prices in the first quarter of the year.  Realty Trac reports nearly 32% of  homes sold in Michigan in the first three months of 2011 were repossessed homes.   

The average price for a foreclosed home was just a little more than $70 thousand.   The price is about a third less than similar homes on the market.  

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