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.