realty trac

Steve Carmody / Michigan Radio

A new report says Michigan homes are at much lower risk of natural disasters than those in other parts of the country.

Realty Trac reports nearly half the homes in the U.S. are located in areas at high risk of wildfires, earthquakes, hurricanes and other natural disasters. 

“By this definition, when we are looking through the prism of natural disaster risk, housing in Michigan looks pretty good,” says Daren Blomquist with realty Trac.

Steve Carmody / Michigan Radio

The number of Michigan homeowners 'seriously' underwater on their mortgages ticked up slightly in the last few months.

To be ‘seriously' underwater on a mortgage, the amount owed should be at least 25% more than the estimated market value of the home.

Steve Carmody / Michigan Radio

For several years, Michigan’s home foreclosure rate has been declining. 

But Realty Trac reports home foreclosure filings jumped nearly 17% during the first six months of 2015. Roughly half of those foreclosures involve homes in metro Detroit.

Daren Blomquist is with Realty Trac.  He cautions the increase is not as bad as people may think.

Steve Carmody / Michigan Radio

Michigan counties rank near the top and the bottom of a new national report on home buying.

Realty Trac looked at affordability and accessibility for home buyers putting up a low down payment.

The report finds 90% of 370 counties nationwide were more affordable than they have been historically. 

Steve Carmody / Michigan Radio

Fewer and fewer Michigan homeowners are seriously underwater on their mortgages. 

Realty Trac reports 10% of Michigan homeowners owe at least 25% more on their mortgages than their homes are worth.   

The percentage of Michigan homeowners seriously underwater on their mortgages has been declining steadily since the Great Recession. 

Steve Carmody / Michigan Radio

A new report says a quarter of Michigan homeowners are underwater on their mortgages – and that’s a big improvement.

Back in 2012, roughly half of Michigan homeowners owed more on their mortgages than their homes were worth.

Daren Bloomquist of Realty Trac says Michigan, like the rest of the nation, has seen steady improvement in home values since the end of the recession.

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.

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.

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.”

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.

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.

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.

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.

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.

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.

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.

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.”

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.

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. 

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.

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 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.

(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.

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)

 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)

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.  

(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)

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.