Foreclosure Rates Rising in Michigan
Michigan's home foreclosure rate is once again rising by double digits. Foreclosure tracking firm,Realty-Trac,reports the number of Michigan homes in the foreclosure process rose by 10% from January to February. The state's foreclosure rate has been relatively flat for the past six months. The rise in foreclosure filings comes at the same time as a slight increase in home sales in Michigan. Realty Trac's Daren Bloomquist suggests mortgage lenders may be seeing an opportunity in the rising sales of foreclosed homes. "In a sense, it's an encouraging sign that there's kind of a floor been found maybe not a floor, but at least some type of market has been found," says Bloomquist, "at a certain price level for some of these local housing markets." One in every 360 homes in Michigan was in foreclosure in February. © Copyright 2009, Michigan Radio
Posted at 10:16PM Mar 20, 2009 by Peter Mirk in Real Estate | Comments[0]
