foreclosure

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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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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