repossessed homes

Auto/Economy
1:01 am
Thu April 26, 2012

Most Michigan cities see declining home foreclosure filings

(file photo)
(photo by Steve Carmody/Michigan Radio)

Most Michigan cities saw their home foreclosure rates tumble during the first quarter of the year. One analyst says that might signal a trend for the rest of 2012. 

Home foreclosure filings dropped between 20% and 30% in Detroit, Kalamazoo, Ann Arbor and Grand Rapids during the first three months of the year. That's compared to the first quarter of 2011, according to Realty Trac. 

Lansing was the only Michigan city on Realty Trac’s list to see an increase in home foreclosure filings between January and March. Daren Bloomquist is with Realty Trac.

He says Lansing’s foreclosure rate increase was tied to a big increase in final bank repossessions. "It seems like it’s more of a clearing out of the foreclosure pipeline rather than a lot a new foreclosures coming online and starting the process," says Bloomquist. 

Bloomquist expects other Michigan housing markets will see spikes in foreclosure filings as the year goes on, but he predicts the general trend will be fewer foreclosures in Michigan.

Economy
1:01 am
Thu May 26, 2011

Foreclosed homes weighing down Michigan real estate market

Foreclosed homes continued to drag down Michigan home sale prices in the first quarter of the year.  Realty Trac reports nearly 32% of  homes sold in Michigan in the first three months of 2011 were repossessed homes.   

The average price for a foreclosed home was just a little more than $70 thousand.   The price is about a third less than similar homes on the market.  

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