Michigan Foreclosures Slowed Down

October 30th, 2008 | Category: Foreclosure

The state of Michigan is reported to have a bit slowed down on its foreclosure activity in the month of September. According to a input, the number of foreclosed properties in the real estate of Michigan in September was 265,968. that indicates a 12 percent decrease from what the figure was in the month of August. However, that figure represents a 21 percent hike when compared to the figure of September, 2007. It ranked sixth during that duration in the number of its foreclosure activity. The month of September shows that it is the third consecutive month when the state of Michigan had a decrease in its number of foreclosure filings.

Though it indicates that that state is steadily getting out of its foreclosure crisis, but it is still placed high nationally. Real estate expert Daren Bloomquist said, “Possibly, Michigan is a little ahead of the curve. It signals that possibly, the market can get those bank-owned properties out of the system and start recovering.” According to a specific goods, there were about 4,502 properties facing default notices on them, 5,105 properties into bank repossessions, and 946 properties facing notices of sale. The problem of foreclosure badly affects the economy of a specific region.

The 51 percent decline in California in the number of its foreclosure filings affected the national figure. that figure of California foreclosure represents about a third of the foreclosure activity nationally every month. The reason behind the decline in the month of September can be ascribed to the state laws that helped in brining down the rapid speed with which lenders were moving forward. In California, the lender has to supply a 30 days prior notice to the

borrower before a foreclosure proceeding is begun on his property.

However, such type of law is non-existent in the state of Michigan. Nevertheless, a resolution has been declared by Mike Cox, Michigan Attorney General along with Countrywide Financial in the early part of that month that would help in bringing down the rate of foreclosure filings on properties. In the month of September, the states that had the maximum number of foreclosures in the nation were California, Nevada, Arizona, and Florida. There has been a hike of nearly 71 percent all through the nation in the third quarter that closed on September 30.

There has been 2 percent increase in foreclosure filing during the third quarter in Michigan when compared to the figure final year during the same period. The foreclosure filing in metro Detroit was down by 24 percent during the third quarter as compared to the figure final year during the same duration.