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Independent Bank Corporation Message Board

  • keeperoftheq keeperoftheq Feb 17, 2010 4:26 PM Flag



    West Michigan foreclosures drop in December

    Home foreclosure filings declined about 13 percent in Michigan last month, which might be a sign of things to come.

    It's not uncommon for foreclosure filings to dip in January following a surge in year end filings in December.

    Daren Bloomquist, with Realty Trac, says a new federal program promoting short sales may help reduce the number of homes falling into foreclosure. Bloomquist says short sales are when homes are sold for less than what's owed on the old mortgage.

    "Lenders are becoming more agreeable to short sales," says Bloomquist, even though "short sales in essence for the lenders means a pretty good haircut."

    Bloomquist says the mortgage lender's alternative is to takeover another foreclosed property at a time when the housing market is still sluggish.

    Foreclosed Homes Auction Decelerated in Michigan

    A sudden decline in the number of completed foreclosures has prompted the companies to slow down the foreclosure auction in Michigan.

    Delays such as business strategy and federal loan modification program, have decelerated the entry of foreclosure properties into the market. The large firms like Texas-based Hudson & Marshall had no registered foreclosed home auction during February.

    Foreclosure Rates Fall 17.82% November.

    Monday December 14, 2009

    Here are results from some of the top states to demonstrate the change from October to November. The following states had significant rate drops as recorded by In California, foreclosure rates were down 11.34%. In Florida, rates were down 8.94%. {{{{{Michigan saw a 17.82% rate drop.}}}}} Texas rates were down 7.28%. And rates in Georgia were down 11.01%. The highest statewide drop was in Oklahoma where rates were down 25.99%. Not all states saw rate drops however. In Maryland, which had the highest increase, foreclosure rates increased 4.84%.

    The statewide averages only tell part of the story. An analysis of the foreclosure rate changes in cities nationwide also shows rates down from October to November with a few significant exceptions. In Las Vegas, NV rates were down 0.97%; in Phoenix, AZ down 9.25%; in Chicago, IL down 5.33%; in Memphis, TN down 6.69%; in Atlanta, GA down 5.51%; in Houston, TX down 4.92%. In Cleveland, OH foreclosure rates had the highest increase of major cities where rates were up 14.12% and in Miami, FL rates were up 1.52%. The highest drops in foreclosure rates of major cities were in Tucson, AZ where rates were down 27.39% and in {{{{Detroit, MI where rates were down 20.76%.}}}}


    There were fewer foreclosures in Kent and Ottawa counties last year than in 2008, according to county records.

    Kent County saw a 21 percent drop, while Ottawa County recorded a more modest 3 percent dip.


    November 2009 was the fourth straight month that foreclosure notices declined since the all-time high reached in July 2009. I t was also the lowest level of foreclosures since February 2009.

    This topic is deleted.
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