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.