realty trac

Economy
6:21 am
Thu August 14, 2014

Michigan's falling home foreclosure rate suffers a "blip"

In July, the number of home foreclosure filings in Michigan increased by 26% over the previous month. But July’s foreclosure filings were down 22% from July 2013.
Credit Steve Carmody / Michigan Radio

Michigan is experiencing an uptick in initial home foreclosure filings.

Michigan has seen 45 straight months of year-over-year declines in the number of home foreclosure filings.

But for the last two months, the number of foreclosure notices have been inching higher. In July, the number of foreclosure filings increased by 26% over the previous month.  However, July’s foreclosure filings were down 22% from July 2013. 

Daren Bloomquist is with Realty Trac. He was surprised to see a 6% increase in foreclosure starts last month.

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Business
5:12 am
Tue June 24, 2014

Michigan's long, slow climb from home foreclosure crisis continues

Realty Trac reports Michigan home prices continue to improve, claiming the median sale price for a Michigan home last month was $100,000, that’s up 18% in the past year.
Credit Steve Carmody / Michigan Radio

Michigan’s home foreclosure crisis of a few years ago can still be felt by the state’s real estate industry.

In February, 2011, 35.3% of the homes sold in Michigan were distressed homes: formerly foreclosed on or being sold short for a loss.

In May of this year, 18.6% of home sales involved distressed homes.

Realty Trac reports Michigan home prices continue to improve, claiming the median sale price for a Michigan home last month was $100,000, that’s up 18% in the past year.

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Economy
10:17 am
Thu April 10, 2014

Home foreclosures falling in Michigan, but many are not leaving their former homes

In Michigan, about 40% of foreclosed homes are still occupied by their former owners or tenants.
Credit Steve Carmody / Michigan Radio

The number of homes in Michigan in foreclosure has dropped to its lowest level since 2005.

Foreclosure filings in Michigan have been steadily declining for the past three and a half years.

Daren Bloomquist is with Realty Trac. He says banks are now dealing with the problem of getting former owners or tenants to move out of their foreclosed homes.

“One of the questions we get a lot is ‘why (are) these properties not selling?’” says Bloomquist. “One of the major answers to that is because the former occupants are still living there … nationwide 50% of the time.”

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Economy
8:48 am
Thu February 20, 2014

It's getting more expensive to buy a home in Michigan

Rising home prices and interest rates are translating into higher monthly mortgage payments for home buyers.
Steve Carmody Michigan Radio

Realty Trac is out with a report on home affordability.

The report shows that rising home prices and interest rates are translating into higher monthly mortgage payments for home buyers.

The report focused on three bedroom, single-family homes.

Daren Bloomquist is with Realty Trac.

He says Wayne, Oakland and Macomb counties have seen a 40% to 50% increase in monthly mortgage payments on home sales in the past year.

Bloomquist says home prices in the Detroit metro market are still very low.

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Economy
4:35 pm
Sat January 11, 2014

Many Michigan homeowners are still deeply underwater on their mortgages

'Short sales' are the only solution for many homeowners 'deeply underwater' on their mortgages
Steve Carmody/Michigan Radio

Realty Trac reports nearly a third of Michigan homeowners owe 25 percent or more on their mortgages than their homes are actually worth.   

In December, 31% of Michigan homeowners were deeply underwater on their mortgages.  That’s down from 37% in January of 2013.

Nationally, 19% of homeowners are deeply underwater on their mortgages.

Daren Bloomquist with Realty Trac says many homeowners have been waiting a long time for their house to gain value.

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Economy
4:20 pm
Sat January 4, 2014

Michigan's real estate industry should see more improvement in 2014

(file photo)
Steve Carmody/Michigan Radio

Michigan is starting 2014 with its housing market in better shape than it’s been in in years.

The number of new home foreclosures is actually smaller than it was in 2006, before the recession began. Home prices are also improving.

But Daren Bloomquist with Realty Trac says there are still many Michigan homeowners who owe more on their mortgages than their homes are worth. He says 2014 may finally turn that around.

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Business
6:43 am
Fri December 20, 2013

Cash is king in Michigan home sales at the moment

(file photo)
Steve Carmody/Michigan Radio

Michigan has seen a sharp spike in the number of people paying cash for homes.

Last month, cash sales represented 49% of the home sales in Michigan.  

Nationwide, 42% of home sales in November were all cash.

Daren Bloomquist is with Realty Trac. He says investors are trying to gobble up a lot of newer, starter homes

“These investors are seeing a window of opportunity when home prices in many markets have been undervalued, especially compared to rent,” says Bloomquist.

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Business
12:36 pm
Thu October 17, 2013

Home flipping returns to Michigan's real estate markets

(file photo)
Steve Carmody/Michigan Radio

House flippers in Michigan are having a tough time making money these days.

Before the recession, house flipping was a small, but very active part of Michigan’s real estate industry.

House flipping is where a person buys a home and quickly puts it back on the market, hoping to make a profit on the sale. Many homes resell within six months.  Flipping flopped during the recession as plunging home prices took the profit away.

But a large stock of foreclosed homes and rising home prices has once again spurred interest in flipping in Michigan.

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Economy
12:25 am
Thu September 26, 2013

8 years after the bubble burst, Michigan home sale prices are still inching their way back up

(file photo)
Steve Carmody Michigan Radio

Michigan home sale prices have made a major recovery from the bottom of the recession.

But home prices are still far below their peak eight years ago.

Michigan’s median home price reached its peak in September, 2005 at about $150 thousand.

After the bubble burst, home prices fell dramatically, tumbling to just $51 thousand dollars.

Median home prices bottomed out in June of 2009 and have been climbing slowly since.

Realty Trac’s Daren Bloomquist says Michigan’s median home price last month was $97 thousand dollars.

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Economy
12:52 am
Thu September 5, 2013

More Michigan homeowners are underwater on their mortgages

Aerial view of homes in Jackson, Michigan
Google Earth

Michigan homeowners continue to struggle with underwater mortgages.

Realty Trac reports today that 38% of Michigan homeowners owe at least 25% more on their mortgages than their homes are actually worth.

Michigan trails only Nevada, Illinois and Florida for the percentage of home mortgages that are deeply underwater.

Realty Trac’s Daren Bloomquist says more homeowners in those states may be underwater on their mortgages, but home values are also rising faster than in Michigan.

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Economy
12:59 am
Thu July 11, 2013

Michigan's home foreclosure rate continues to fall

There were about 4300 foreclosure filings in Michigan in June, down from 8600 in June, 2012 (source RealtyTrac).
Steve Carmody/Michigan Radio

Michigan’s home foreclosure rate is tumbling. The rate of home foreclosure filings in Michigan is half of what it was six months ago. 

June marked the 32nd consecutive month of “year-over-year” declines in the number of home foreclosure filings in Michigan.

Daren Blomquist is with RealtyTrac.  He expects that trend will continue.

“We’ll see the declines continue at least through the end of this year,” says Blomquist, “But then I would expect in 2014 that’s probably when we’ll see the numbers flatten out.”

Economy
12:38 am
Thu June 6, 2013

Looking for a little 'fixer-upper?' Try Detroit or Lansing

All it needs is a little TLC. (file photo)
Steve Carmody/Michigan Radio

Potential home buyers looking for a fixer-upper may want to look in Detroit or Lansing.

Realty Trac is out with a list of the 15 cities with the largest number of bank-owned homes on the market that were built before 1960 and valued at under $100 thousand.

Detroit tops the list, with nearly four thousand older homes with an average estimated value of just over $40 thousand. Lansing comes in 15th, with more than 500 pre-1960 homes with an average estimated value of $56 thousand.

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Economy
12:14 am
Thu April 4, 2013

Several local cities rank high on a list of the best places to rent out single family homes

Home for rent (file photo)
Steve Carmody/Michigan Radio

A new report finds three regional cities are good places to buy and rent out single family homes.

A new Realty Trac survey lists Detroit, Saginaw and Toledo among the 20 best markets in the country to own and rent single family homes. Florida cities dominate the rest of the list.

The top 20 are based on the markets with the most potential cash flow and capitalization rates on a 3-bedroom home.

Saginaw ranked second on the survey.  Toledo came in third.  Detroit ranked 15th on the list.  Memphis, Tennessee topped the Realty Trac ranking. 

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Economy
1:00 am
Thu October 25, 2012

Report: Detroit's home foreclosure rate is moving down

Steve Carmody/Michigan Radio

Detroit’s home foreclosure rates are dropping.

Realty Trac reports Detroit now has the 39th highest home foreclosure rate in the country. That's a big change from a few years ago, when Detroit routinely ranked in the top ten.

In September,  Detroit’s home foreclosure rate was at its lowest point since September, 2006. 

Daren Bloomquist is with Realty Trac.    He says Detroit’s foreclosure numbers are improving, but he says more than half of Wayne County homeowners are ‘underwater” on their mortgages.

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Economy
1:01 am
Thu September 13, 2012

Foreclosure numbers tumble again in Michigan (but a September spike is possible)

file photo
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.

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Economy
1:01 am
Thu June 14, 2012

Michigan's home foreclosure rate declines for 19th straight month

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.

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Auto/Economy
1:01 am
Thu April 12, 2012

Home foreclosures declining in Michigan

(file photo)
(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.

Economy
1:01 am
Thu March 15, 2012

Michigan's home foreclosure crisis easing

(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.

Economy
1:01 am
Thu February 16, 2012

Michigan's home foreclosure rate improving

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.”

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Economy
9:42 am
Thu January 26, 2012

Sale prices for foreclosed homes in Michigan are rising

(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.

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