home sales

Steve Carmody/Michigan Radio

Michigan’s home foreclosure rate could soon reach a milestone.

A few years ago the state's foreclosure rate was near the top of the fifty state list.

But Daren Bloomquist with Realty Trac says the latest data shows Michigan is poised to drop out of the top ten, possibly by the end of the year.

"It’s still in that top ten…but it’s moving down," says Bloomquist,  "(Michigan) had often been showing up in the top five over the last few years….now it’s moved down to number nine in September.”

Steve Carmody/Michigan Radio

Michigan’s home foreclosure rate continues to trend lower, but a spike in foreclosure filings may be coming this month.

August marked 22  straight months that Michigan’s year over year foreclosure numbers declined.

In fact, the number of foreclosure filings in Michigan in August fell 41 percent compared to August a year ago.   Also, none of the 20 U.S. cities with the highest home foreclosure rates are located in Michigan.

But Daren Bloomquist with Realty Trac says there are signs that the trend may soon end.

Steve Carmody/Michigan Radio

Michigan’s falling home foreclosure rate reached a milestone last month. 

But one analyst expects the second half of the year will see an uptick in homes being repossessed by banks.

Steve Carmody/Michigan Radio

Michigan’s home foreclosure rate continues to fall dramatically.

Realty Trac reports today foreclosure filings in Michigan fell another 6% last month and are down more than 40% compared to a year ago.

“We’re getting close to now 2 years of a long-term downward trend in Michigan foreclosure activity,” says Daren Bloomquist, who is a Realty Trac vice president.

(photo by Steve Carmody/Michigan Radio)

Realty Trac is reporting today that Michigan’s home foreclosure rate is improving.

Foreclosure filings were down nearly 20% during the first three months of the year compared to the fourth quarter of 2011. The decline was even steeper compared to the same time a year ago.

Daren Bloomquist is with Realty Trac. He says nationally foreclosure numbers haven’t looked this good since before the recession started in 2008.

“I definitely think in Michigan…we’re passed the worst of this foreclosure problem… we’re on the downward slope," says Bloomquist, "But there’s just a few bumps I the road going forward before we completely… are out of the woods in terms of foreclosure in Michigan.”

Bloomquist expects there will be a spike in new home foreclosures in the second half of the year.

Sarah Hulett / Michigan Radio

Oakland County Treasurer Andrew Meisner filed a lawsuit against federally backed mortgage companies Fannie Mae and Freddie Mac last year.

He claimed they were dodging taxes.

And he won.

The result could mean millions of dollars in revenue - provided the case wins an expected appeal from the mortgage companies.

It's an appeal that's expected since other counties and states around the country are watching this case, and would love to line up and take their share of tax revenue from Fannie Mae and Freddie Mac.

So what taxes are they dodging?

(photo by Steve Carmody/Michigan Radio)

Michigan’s home foreclosure rate continued to fall in February.

Realty Trac reports today that one in every 433 Michigan homes had a foreclosure notice filed against it in February.

That was an improvement over January (down 18%) and a big improvement compared to February a year ago (down 25%).

The better statewide numbers are mirrored in the Detroit market (down 17% from January-down 27% from February, 2011), which has long been the epicenter of Michigan’s foreclosure problems.

(photo by Steve Carmody/Michigan Radio)

There’s some good news for people planning on selling their homes in Michigan.

During the last four years, home sale prices in Michigan have been on a rollercoaster, mainly going down.

But Clear Capitol reports today Michigan home prices may finally be stabilizing.

Alex Villacorta is with Clear Capitol. He says an improving job picture,  stronger consumer confidence and more investors buying cheap homes are all contributing to a more stable real estate market.

Villacorta says nationally prices in February were only down about a half percentage point from the previous year.

"Bringing it back to Michigan," says Villacorta, "that fact that prices are actually up 1.2% over the last year is definitely a good sign…and up double digits…about 15% from the low point of 2009.”

But as with all things real estate, 'Location…location…location' is what matters.Villacorta says Grand Rapids’ home sale prices are up about six percent compared with a year ago, while home prices in Lansing and Flint continue to decline.

Steve Carmody / Michigan Radio

A new report says home sale prices fell in 19 of 20 major American cities last year. The exception was Detroit.

Standard & Poors follows monthly and yearly home sale prices. Maureen Maitland is an S&P vice president. She says Detroit’s home sale prices bucked the national downward trend last year and actually rose by half a percent in 2011.

Maitland says a few factors are working in Detroit’s favor.

“(Home sale prices) really couldn’t fall much lower. It really had bottomed out. It really had suffered a lot in the past two or three years," said Maitland, "But secondly, the auto industry is picking up. So, on a relative basis, there may be a few more jobs coming into the Detroit market.”  

Maitland says it will take another five to seven months of sustained growth to suggest Detroit’s housing market might finally be on the rebound. 

And in December, home prices declined slightly in Detroit.  

Detroit homes are selling now at prices that haven’t been seen since the mid-1990’s.

Home foreclosure filings in Michigan continued to slide last month.   

Realty Trac reports one in every 354 Michigan homes were in the foreclosure process in January.     That’s a 23% improvement over January, 2011.

Daren Bloomquist is with Realty Trac.   He’s been expecting Michigan’s foreclosure numbers to get worse for more than a year, but instead the numbers have been getting better each of the last 15 months.

“You can’t complain about that trend," says Bloomquist,  "we’re headed in the right direction.”

(photo by Steve Carmody/Michigan Radio)

Home sellers in Michigan saw prices drop significantly in the last three months. And one analyst predicts it’s a trend that shows few signs of easing.

Clear Capitol reports Michigan home sale prices between October to January dropped by 5.3 percent compared to a year ago. And the overall trend is even worse.

Alex Villacorta is the director of Research and Analytics at Clear Capitol. He says home sale prices in Detroit were down nearly 12 percent. Villacorta blames the fact that half the homes sold in the Detroit during the last three months had been foreclosed. He says banks sold the repossessed home at discounted prices.

“With more than one in two homes selling as a distressed sale,  it really puts significant downward pressure on home prices," says Villacorta.

Villacorta advises people not to put their homes on the real estate market right now if they don’t have to. But if you're in the market to buy a home, Villacorta has different advice.

“For a buyer, (this is) certainty a fantastic time to buy," says Villacorta, "(With) prices at levels not seen in decades…..with mortgage rates at record low levels it’s a great time to get in.” Villacorta says other markets around the country hit hard by the foreclosure crisis are showing signs of recovery. But not Detroit.

(photo by Steve Carmody/Michigan Radio)

 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.

(photo by Steve Carmody/Michigan Radio)

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.

(photo by Steve Carmody/Michigan Radio)

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.    

(photo by Steve Carmody/Michigan Radio)

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.  

Steve Carmody/Michigan Radio

Michigan home sale prices increased by more than 6 percent in the last three months. But home prices are not rising everywhere.  

Alex Villacorta is with Clear Capital. He said Michigan’s average home sale prices are still 65 percent below their peak of a few years ago, before the recession.  But Villacorta said prices are finally moving in the right direction. 

(photo by Steve Carmody/Michigan Radio)

Michigan home sale prices increased significantly during the past three months. But according to a new report, prices are predicted to take another tumble. 

Michigan home sale prices are down dramatically from their pre-recession highs. However, a new report from Clear Capitol says Michigan home buyers have been paying more in recent months.

“Michigan overall is actually up even more so than the Midwest region. We have them up 8.5 percent on a quarter over quarter basis.  But still down six percent from where prices were a year ago," says Alex Villacorta with Clear Capitol. 

But Villacorta says home sale prices nationally appear to have plateaued and he expects they will decline about 3 percent this winter and even more in Michigan, which he says is more volatile than the national housing market.  

Villacorta says Detroit’s housing market continues to struggle and remains one of the lowest performing home sales markets in the country. He blames this on the fact that one in every three homes on the market has been repossessed by banks that are now trying to sell them at far below market prices.

(photo by Steve Carmody/Michigan Radio)

Michigan home prices are still sliding thanks to banks selling foreclosed homes and short-selling others. Realty Trac reports 40 percent of all home sales in Michigan between April and June involved banks either selling foreclosed homes or short-selling other homes that were on the verge of being repossessed. That percentage is up slightly from the beginning of the year and the same time last year. 

Daren Bloomquist is with Realty Trac. He says the banks sold the homes at about a 40 percent discount. 

“We’re seeing the prices come lower and the discounts go higher, which is good news for buyers.  And it does indicate that the lenders maybe more willing to take a bigger loss on these properties in order to get them sold.”

Bloomquist expects repossessed homes will continue to be a drag on Michigan’s housing market for the next few years.

(photo by Steve Carmody/Michigan Radio)

Michigan’s foreclosure rate continues to fall. A new report shows another month with a sharp decline in foreclosure filings in the state. RealtyTrac reports home foreclosure filings in Michigan declined by 15% from June to July. The filings were down 42% compared to July 2010.   

A foreclosure industry analyst says one reason for the decline is banks are taking advantage of government programs designed to keep people from losing their homes. Government anti-foreclosure programs have been the target of critics who say the programs have not kept people from losing their homes.  

But Daren Bloomquist with Realty Trac says this year’s downward trend in home foreclosure filings is probably due at least in part in part to the much maligned anti-foreclosure programs.  He says banks and other lending institutions are becoming more interested in taking part in those programs. 

“A short sale…a loan modification….is looking a lot better in their eyes than it was even last year.   It’s looking like a much better alternative than foreclosure to them.”

Bloomquist says the glut of repossessed homes will continue to depress home sale prices through probably 2015. He says keeping more homes from being repossessed may help reduce the glut of homes clogging the housing market.

(photo by Steve Carmody/Michigan Radio)

The number of foreclosure filings dropped significantly in cities across Michigan during the first six months of the year.   Daren Bloomquist, with Realty Trac, says this not necessarily good news.  

 “We’ve probably seen the peak of foreclosure activity in this cycle.  But it may take a while to really to clear the decks and get all the foreclosures that have built up over the last few years sold on to the market.”

(photo by Steve Carmody/Michigan Radio)

Detroit home prices posted sharp declines during the first 6 months of 2011, according to a new report.  And the decline is expected to continue during the next 6 months.  Clear Capital reports Detroit’s home sale prices were down 19.8% during the first half of the year compared to the first six months of 2010. 

(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.  

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.

(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:

(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.

(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.

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.

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.

(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.

(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. 

Pages