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Dustin Dwyer / Michigan Radio

A non-profit in Grand Rapids says it’s reached an agreement to buy 177 homes to preserve affordable housing in the region.
The Inner City Christian Federation, or ICCF, plans to buy the homes from a Chicago-based investment company, known as RDG. Michigan Radio first reported in April that RDG had quietly become the single largest investor in single family homes in Grand Rapids, with more than 140 properties in the city alone.

ICCF says its purchase agreement is for 177 homes in Grand Rapids, Wyoming and Eaton Rapids, near Lansing. 

Steve Carmody / Michigan Radio

Flint’s home vacancy rate is more than four times the national rate, according to a new report.

Realty Trac says nationally 1.6% of homes are vacant. In Michigan, it’s 3.4%. In Flint, 7.2% are vacant.

Daren Blomquist is with Realty Trac.  He says Flint’s high vacancy rate is “defining the housing market”.

“When you get to a certain threshold, and I would say Flint is far above that threshold, it becomes a driving piece of the market.” Says Blomquist. 

Steve Carmody / Michigan Radio

Financially struggling Michigan homeowners may face a new problem.

98,000 Michigan homeowners have Home Equity Lines of Credit that are scheduled to reset at a higher interest rate during the next four years.

Nationally, more than half the three million homeowners with these lines of credit are seriously underwater on their mortgage.

(photo by Steve Carmody/Michigan Radio)

 August saw a big leap in the number of new home foreclosure filings in Michigan.   

2011 was expected to be a record year for home foreclosures in Michigan, but it didn’t happen.  Foreclosure filings slowed at the beginning of the year, as banks scrambled to fix paperwork problems and respond to new government regulations.  But it appears now the tide is turning.  

New home foreclosure filings jumped 36 percent from July to August in Michigan.  

(photo by Steve Carmody/Michigan Radio)

The number of home foreclosures tumbled in Michigan during the first half of the year. One analyst says that’s bad news.  

Realty Trac reports that home foreclosure filings dropped by about 20 percent during the first six months of 2011. One in 74 homes in Michigan received a foreclosure notice between January and June. 

Rick Sharga is with Realty Trac. He says continuing questions about problems with foreclosure paperwork has slowed down the number of properties being repossessed by banks. Federal and state regulators are expected to announce a deal soon clearing major lenders from intentional wrongdoing involving faulty paperwork that mistakenly evicted people current on their mortgages. 

Sharga says the delay in foreclosure filings has slowed the recovery in Michigan’s real estate market. 

 “What over 60% of buyers are looking for right now are bank owned properties or foreclosure properties.   So it might be a little of a ‘Catch-22’ here…where we need a higher inventory of these distressed properties to get the buyers off the sidelines.”  

Sharga says it may take until 2015 to clear the huge backlog of homes in the foreclosure process which will continue to be a drag on the home sale market.

Foreclosed house
Damon Duncan / Flickr

Foreclosure filings in Michigan fell 20% between October and November, but most of the decline came in homes in the final stages of foreclosure according to data released by Realty Trac, a group that calls itself "the nation's leading online foreclosure marketplace."

The pace of homes entering the system remained relatively unchanged.