foreclosure

Economy
2:19 pm
Tue May 17, 2011

Foreclosure rates will continue to rise in Metro Detroit

Steve Carmody Michigan Radio

Livingston and Macomb Counties showed some improvement in Metro Detroit’s slumping home sale prices and sales since January. Macomb County boosted home sales by 5% in the four month period. Livingston County increased home sale prices by 8.5% in April to $140,ooo.

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Politics
10:09 am
Fri May 13, 2011

Is it time to get rid of Fannie Mae? Congressman Gary Peters thinks so.

Rep. Gary Peters, (D) Michigan
Steve Carmody Michigan Radio

Michigan Congressman Gary Peters is proposing doing away with the federal home mortgage financing system.   Fannie Mae and Freddie Mac became the backbone of the nation’s mortgage system in the past decade.  Fannie and Freddie played a critical role in the housing market collapse.  

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Economy
1:01 am
Thu May 12, 2011

Michigan's foreclosure process slows down

(photo by Steve Carmody/Michigan Radio)

Michigan mortgage lenders are taking longer to foreclose on delinquent homeowners.  In 2007, the entire foreclosure process in Michigan took on average 78 days to complete.   This year, the average foreclosure is taking 235 days to complete.  The reason is a mixture of the economy and paperwork. 

According to Realty Trac, this is not just a Michigan issue:

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Politics
2:38 pm
Thu May 5, 2011

Census shows 50% rise in vacant properties across Michigan

This house in Detroit sat abandoned for a while before a couple of artists bought it for $1,900.
Jennifer Guerra Michigan Radio

The number of vacancies in Michigan rose by nearly 50% over the past decade.

According to the latest U.S. Census data, the number of vacant housing units across the state jumped from about 448,618 in 2000 to 659,725 in 2010.

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Economy
9:47 am
Thu May 5, 2011

No progress for Midwest's housing market

Photo by Steve Carmody/Michigan Radio

Things continue to look bad for the Midwest housing market. Seven of the lowest performing major markets in the nation are from the Midwest and Detroit leads the pack. Sean McSweeney is with Clear Capital, a national real estate valuation company. McSweeney says while Detroit faces many challenges, there are still reasons Detroit home owners should be hopeful. 

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Economy
1:00 am
Thu April 14, 2011

Home foreclosures inched higher in Michigan last month

(photo by Steve Carmody/Michigan Radio)

The number of home foreclosures in Michigan inched higher last month. One in every 311 homes in Michigan received a foreclosure noticed in March. The number of foreclosures was up about 4 percent from February.

Michigan had the nation’s fifth highest home foreclosure rate in March, behind Nevada, Arizona, California and Utah.     

Daren Bloomquist with Realty Trac says mortgage holders are starting to send more initial foreclosure notices and repossess more homes in Michigan. Bloomquist says an improving economy is the only way to reduce future foreclosure notices in Michigan. 

 “The more the economy improves and jobs improve during the next couple months the less we’ll see that huge spike in foreclosure numbers down the road.”  

While March’s foreclosure numbers rose slightly, overall Michigan’s home foreclosure numbers declined during the first three months of the year.

Economy
9:01 am
Thu April 7, 2011

Detroit home prices still slumping

(photo by Steve Carmody/Michigan Radio)

Detroit home prices continue to slump. New data from Clear Capital show the average sale price in the first three months of the year for a home in Detroit was roughly 60,000 dollars. 

Alex Villacorta is an analyst with Clear Capital. He says foreclosed homes continue to clog Detroit’s housing market, depressing sale prices. 

“Once those saturation rates come down I do think you’ll see prices start to stabilize a little bit.   Even if the overall health improves we’ll see may a more sustained price growth looking forward.”

Home sale prices held steady in most of the nation in the first quarter of 2011, except in the western U.S. where home sale prices fell to levels not seen since 2001.

Economy
2:56 pm
Mon April 4, 2011

Many Michiganders miss date to pay the tax man

(photo by Steve Carmody/Michigan Radio)

County treasurer offices across Michigan this week are processing thousands of homes that have fallen into tax foreclosure. Michigan property owners has until last week to pay up their 2008 property taxes or face losing the property to tax foreclosure. Many counties were expecting about a 10% increase in homes falling into tax foreclosure. 

In Genesee County, the owners of 2,999 properties missed the deadline. About 600 more than last year. Deb Cherry is the Genesee County Treasurer. She was not surprised by the jump in tax foreclosures. 

 “A lot of it has to do with the fact that 2008 was one of the worst years in the housing market.”

Cherry does not expect there will be many buyers when these homes go up for sale later this year.

Many of the properties will find their way to the Genesee County Land Bank, which is already taking care of more than 6,000 properties. Douglas Weiland is the land bank authority executive director.

"Its not a question of whether we can absorb more properties, we will absorb more properties and we expect we'll see that trend continueing for some time yet."

Economy
9:00 am
Thu March 10, 2011

Detroit's slumping home prices leading nation

Detroit posted the biggest percentage drop in home prices in the nation, according to a new report. Clear Capitol says home prices in Michigan’s largest home market slide 13% in February, more than any other major city.

Alex Villacorta  is Clear Capitol’s director of research.   He says home prices in Detroit are being dragged down by banks trying to sell foreclosed homes.    Bank owned homes usually sell at well below market prices.

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Economy
8:56 am
Thu March 10, 2011

Foreclosure filings down in MI

Foreclosure filings in Michigan have fallen to levels not seen since 2008.   Realty Trac reports foreclosure filings dropped by 30 percent in February compared to a year ago. 

Daren Bloomquist is with Realty Trac.  He says mortgage lenders are finding it difficult to get home foreclosures started, since last fall’s scandal involving incorrect paperwork forcing people out of their homes.  New rules require more safeguards in preparing a foreclosure filing.  But Bloomquist says this is only delaying the inevitable for many delinquent home owners.

  “What hasn’t gone away is there are still a lot of properties that eventually we people will be foreclosed on.  That’s really the only solution for some of these situations.”  

Bloomquist says the slowed foreclosure process might help reduce the number of bank owned homes on the real estate market.   The high number of foreclosed homes on the market is blamed for causing depressed home sale prices.

Economy
9:06 am
Thu February 24, 2011

Sales of foreclosed homes slowed in 2010 in Michigan

Fewer homebuyers were interested in buying a previously foreclosed home in Michigan last year. The result is an increasingly high number of bank-owned homes just sitting on the real estate market.  

Just under 41 thousand formerly foreclosed homes sold last year in Michigan.  That’s down by a third compared to 2009 and 2008.  The prices paid for those homes also dropped.

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Investigative
12:48 pm
Fri February 18, 2011

Money and tips to avoid foreclosure

The national rate of foreclosures has slowed
User thinkpanama Flickr

Nationwide and in Michigan the rate of foreclosures has slowed a bit in recent months.  But Realty Trac experts say that’s less a sign of a robust housing recovery and more a sign that lenders have become bogged down.  They’re reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing, the so-called robo-signing scandal.

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Economy
9:52 am
Thu February 10, 2011

Foreclosures didn't spike as expected

A foreclosure sign sits in front of a home in Lansing, Michigan
(photo by Steve Carmody/Michigan Radio)

Analysts expected a big jump in home foreclosures in Michigan in January.  But the jump didn’t materialize.


 Home foreclosures slowed last fall in Michigan and around the country as banks dealt with a scandal about robo-signings.   Essentially mortgage lenders signing foreclosure documents without checking to make sure what they were signing was accurate or truthful.  Foreclosures were expected to spike this month.  But they didn’t.  Realty Trac reports Michigan saw only a 4% increase in foreclosure filings in January.   Nationally only a one  percent increase.

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Winter Storm
3:42 pm
Fri February 4, 2011

Tens of thousands in West Michigan home from school for 3rd day

Sidewalks in front of many vacant homes in the city remain un-shoveled.
Lindsey Smith Michigan Radio

Holland and Grand Rapids’ Public Schools are both closed because the sidewalks aren’t shoveled enough yet to send kids to school safely.

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Economy
12:48 pm
Thu January 27, 2011

Michigan cities rank low on list of home foreclosure hot spots

No Michigan housing markets rank among the 25 worst for home foreclosures in a new national survey.    But, that may change by the end of this year.  

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Economy
12:03 pm
Wed January 26, 2011

Bridgewater Place in Grand Rapids sold at foreclosure auction

Bridgewater Place pictured at the far left.
John Eisenschenk creative commons

One of the biggest office buildings in Grand Rapids sold for $34 million at a public foreclosure auction today. The 17-story blue-glass Bridgewater Place building dramatically changed the city’s skyline when it was built in the early 1990s.

Many people refer to the building as the Varnum building, because of the law firms’ prominent logo near the top floor.

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Economy
8:47 am
Thu January 13, 2011

2010 a bad year for foreclosures in Michigan (2011 may be worse)

A foreclosure sign sits in front of a home in Lansing, Michigan
(photo by Steve Carmody/Michigan Radio)

2010 was the worst year in a decade for home foreclosures in Michigan, according to new data out today.   And 2011 is expected to be worse.  


One in 33.    That’s how many Michigan homes received a foreclosure notice in 2010.   


 Realty Trac ranks Michigan as having the 7th worst home foreclosure rate in the nation last year. Daren Bloomquist is with Realty Trac.    He says Michigan’s foreclosure numbers should be worse this year. 

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Foreclosures
5:49 pm
Wed December 29, 2010

Grand Rapids skyscraper listed in foreclosure auction

Bridgewater Place is the blue building on the far left.
John Eisenschenk Creative Commons

One of the biggest office buildings in Grand Rapids is listed for sale at a public foreclosure auction next month. The 17-story sleek blue-glass Bridgewater Place dramatically changed the city’s skyline when it was built in the early 90s. Many people refer to the building as the Varnum building, because of the law firms’ prominent logo near the top floor. Varnun rents the tops 6 floors.

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Auto/Economy
10:16 am
Wed December 29, 2010

Michigan home prices likely to fall again in 2011

Michigan home prices keep falling
Steve Carmody Michigan Radio

Michigan’s home prices are expected to tumble again next year.


 But, some parts of the state might see a slight increase in price.


 Home sale prices in Michigan rocked up and down this year. Government incentives helped boost prices in the first half of the year. When those incentives expired, prices dropped.


Alex Villacorta is with Clear Capitol. He says home prices in Michigan should get a boost in the Spring, but then should fall at the end of the year. 

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Economy
1:04 pm
Thu December 16, 2010

Foreclosure rate falls in Michigan... for now

Foreclosure rates declined, but the dip could be temporary.
Damon Duncan Flickr

Foreclosure filings in Michigan fell 20% between October and November, but most of the decline came in homes in the final stages of foreclosure according to data released by Realty Trac, a group that calls itself "the nation's leading online foreclosure marketplace."

The pace of homes entering the system remained relatively unchanged.

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