realty trac

Economy
5:01 am
Thu September 15, 2011

Big jump in home foreclosure filings in Michigan last month

(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.  

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Economy
5:01 am
Thu August 25, 2011

Foreclosures & short selling pulling down Michigan home sale 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.

Economy
1:01 am
Thu August 11, 2011

Foreclosure filings down in Michigan, analyst gives some credit to government programs

(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.

Economy
1:01 am
Thu July 14, 2011

Home foreclosure filings down (and that's a problem?)

(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.

Economy
1:01 am
Thu May 12, 2011

Michigan's foreclosure process slows down

(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:

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Economy
1:00 am
Thu April 14, 2011

Home foreclosures inched higher in Michigan last month

(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.

Economy
8:56 am
Thu March 10, 2011

Foreclosure filings down in MI

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.

Economy
9:06 am
Thu February 24, 2011

Sales of foreclosed homes slowed in 2010 in Michigan

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.

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Economy
9:52 am
Thu February 10, 2011

Foreclosures didn't spike as expected

A foreclosure sign sits in front of a home in Lansing, Michigan
(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.

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Economy
12:48 pm
Thu January 27, 2011

Michigan cities rank low on list of home foreclosure hot spots

No Michigan housing markets rank among the 25 worst for home foreclosures in a new national survey.    But, that may change by the end of this year.  

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Economy
8:47 am
Thu January 13, 2011

2010 a bad year for foreclosures in Michigan (2011 may be worse)

A foreclosure sign sits in front of a home in Lansing, Michigan
(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. 

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Housing Market
3:11 pm
Thu October 14, 2010

Michigan foreclosure rate stable, but still higher than last year

Michigan ranks 8th in the nation for foreclosures

Michigan’s home foreclosure rate has stabilized, but is still much higher than the national rate. One out of every 98 homes in the state is in the foreclosure process.

Daren Bloomquist is a spokeman for RealtyTrac, a company that tracks foreclosures.

“In Michigan I would say the number one issue is unemployment. It's still there and so that's still pushing people into foreclosure. Until we solve that problem, you're still going to see an elevated level of foreclosures in Michigan," Bloomquist said.

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