Michigan Foreclosure Numbers at 12-Month High

November 15th, 2011 | By Michigan Forward, Issues & Research
RealtyTrac recently reported that nationally, foreclosures were up 7 percent in October from the prior month, while defaults in California, Florida and Michigan hit 12-month highs. October foreclosures for Michigan totaled 16,101, up from just over 14,500 in September and putting Michigan in the top five states with the highest rates of foreclosure. Year to date, Michigan homeowners have lost 78,179 homes to mortgage foreclosure which, with the current trend, puts us on track to exceed the Center for Responsible Lending’s prediction of a couple years ago that we would lose 327,000 homes to foreclosure between 2009 and 2012. “The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems,” said James Saccacio, chief executive officer of RealtyTrac.

How Have Property Values in Your Community Fared?
The Center for Michigan’s e-newsletter, Bridge Magazine, focused on a special report from the center entitled The Big Flush. The report found that between 2007 and 2011, Michigan overall lost 20 percent of its property value. The report went on to say, however, that despite this overall decrease, some communities held up well, while others have suffered significantly. To find out what has happened to property values in your community, use the magazine’s online property value search. Click on the link below and type in the name of your local community.