Tagged: foreclosure

A group of anti-foreclosure activists says Chase bank continues to wrongly foreclose on people’s homes.

And as part of the “Occupy our Homes” movement, they plan to fight for eight Metro Detroit homeowners they say are victims.

Chase bank and other mortgage lenders signed a consent agreement with the federal government in the wake of the national foreclosure crisis.

The Kalamazoo County Commission Tuesday will discuss taxing home owners to help others avoid homelessness.

A coalition of groups wants the commission to agree to let voters decide later this year on a proposal to add a one-tenth mil increase on their property tax bills.    The  added property tax would raise about $800 thousand  over four years.

The money would fund programs to prevent evictions, as well as provide vouchers for short-term and long-term housing.

The “Occupy our Homes” movement has taken up the cause of Fred Shrum, another homeowner facing foreclosure in Metro Detroit.

The group is a coalition of anti-foreclosure groups, organized labor, and other activists with the Detroit “Occupy” movement.

So far, their protests on behalf of people facing foreclosure have helped keep four Metro Detroit families in their homes—including one case where protesters blocked a dumpster that came to clear out the house.

 The state of Michigan is expected to reap a half billion dollars from a settlement between 40 states and five of the nation’s largest mortgage lenders.  

Michigan has been among the hardest hit states in the foreclosure crisis. The settlement will help homeowners who were in foreclosure between 2008 and 2011.

Bank of America, Ally Financial,  Wells Fargo, J.P. Morgan Chase and Citigroup are the banks in the settlement.   The deal will settle complaints the mortgage lenders wrongly foreclosed on borrowers and forged documents.

 The prices home buyers are paying for repossessed homes are rising in Michigan.    One analyst says it might be a sign that the real estate market may finally have hit bottom.    

Formerly foreclosed homes have saturated the market in Michigan since the recession hit a few years ago.   The high percentage of foreclosed homes on the market has been blamed for real estate prices crashing to levels not seen in Michigan since the 1990’s.

According to Realty Trac, the number of home foreclosures in Michigan last year dropped to the lowest level since 2007. The actual number of foreclosure filings dropped 26% compared to 2010.   

The decline is partly due to a slowdown in the paperwork process. The average time between the first foreclosure filing and final repossession of a home in Michigan took 283 days last year. That’s a 46% increase over the number of days it took in 2010.  

Daren Bloomquist is with Realty Trac. He says mortgage lenders will be speeding up the pace of home foreclosures this year.  

"We’re past the peak of the foreclosure crisis in Michigan… but the numbers in 2011 were artificially lower than they should have been," says Bloomquist.  

Michigan had the sixth highest home foreclosure rate in the nation last year with one in every 45 homes receiving a foreclosure notice.

A new report predicts home prices in Detroit will continue to decline. But the report also finds Michigan home prices overall are stabilizing.   

Real estate industry analysts at Clear Capital predict nationally, average home sale prices will remain relatively unchanged in 2012. Prices nationally have been falling since the housing market crash of a few years ago.   

Detroit’s home sale prices have been declining faster than the nationally average and Clear Capital predicts another 5 percent drop this year.