Tagged: foreclosure

As 2011 comes to an end, we look back at some of the economic and housing stories we covered in the last year. The housing slide slowed in the last year, but Michigan was still near the top of the home foreclosure list. The decrease in home values continued to have grave implications for local governments reliant on property taxes (One caller described the fall in housing prices in his six-word story, "$80,000 to $11,000, Northwest Detroit").

In six words or less, here's how people categorized their housing experiences in Michigan:

And here's a small sampling of Michigan Radio stories about the economy and housing:

A newspaper says there were more than 31,000 homeless students in Michigan schools last year, an increase of more than 300 percent since 2007. Experts tell the Detroit Free Press that the reason appears to be home foreclosures across the state. In the past, schools typically heard different reasons, such as fire or domestic abuse.

Kids with no permanent address are living with relatives or friends or at shelters and motels. Nicole Larabee and her 14-year-old son have bounced from house to house in Livonia, including one with fleas. She had a $12-an-hour job but quit in 2010 for another job that fell through.

Larabee and 14-year-old son Matt are living in a friend's basement. Matt says it's hard to relax "unless you have your own place."

DETROIT (AP) - Detroit nonprofits are getting $1.1 million in grants to help improve neighborhoods, encourage small businesses and train workers.

The funding was announced Tuesday by Chase, the U.S. consumer and commercial banking brand of JPMorgan Chase & Co.

Chase says the two largest grants are $245,000 to Southwest Solutions and $230,000 to Vanguard Community Development Corp.

Those grants aim to help Detroit neighborhoods and improve foreclosure counseling efforts.

A Metro Detroit family says they’ll stay in their home, despite threats of eviction. Their action is part of a new initiative coordinated by the national “Occupy” movement.

Rob and Debbie Henry live in the Detroit suburb of Southgate. They got a mortgage loan modification after Debbie had a stroke and lost her job.

The Henrys thought they were following the terms of that process. But a confusing series of events ensued that included their loan being sold to Fannie Mae without their knowledge.

Across Michigan and the rest of the country today, Occupy Wall Street groups plan to symbolically ‘occupy’ homes on the brink of foreclosure. Meanwhile, Occupy activists in Flint are launching a campaign they say will have lasting influence on their city.    

Occupy Flint members are organizing a campaign to put a question on the ballot next year that would start the charter revision process. Flint is under the oversight of an emergency manager. A state review panel decided the city’s multi-million dollar deficit created a ‘financial emergency’.   

Michael Burton is with the Occupy Flint group. He said residents must correct the city’s systemic problems, so Flint will be ready for life ‘after’ the emergency manager’s job is done. 

"That is just the small changes we hope…to affect in order to start making positive changes…and get the city of Flint back up to speed," said Burton.   

Burton said Occupy Flint does not have any specific changes it plans to recommend to the city charter. The group only hopes to get the conversation started.

Consumer advocates are disappointed by a Michigan Supreme Court decision.   

The high court today reversed an appeals court decision which found the mortgage industry violated state law by using a national group to file foreclosure notices in Michigan.  

The lower court found the Mortgage Electronic Registration System, or MERS, didn't have an interest in the mortgage and thus was not allowed to file the foreclosure paperwork.   

Lorray Brown is with the Michigan Poverty Law Program. Brown said the Supreme Court used "tortured" legal analysis to avoid following the strict wording of the law.   

“I think this is a clear case of strict statutory construction and the statute says what it says," said Brown.   

An attorney for the Michigan Bankers Association praised the  court’s decision. Attorney James Breay said it prevents the voiding of thousands of home foreclosures in Michigan.  

“This decision will avoid…the possibility of a ruling that could otherwise have created chaos in Michigan’s residential mortgage market," said Breay.    

MERS is facing other legal challenges, including a potential class action suit involving Michigan counties that accuse MERS of not paying taxes on property transfers.

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.