MichiganRadio

Michigan's Foreclosure Rate Holds Steady ANN ARBOR, MI (Michigan Radio) - One in 74 Michigan homes spent part of the first six months of the year in foreclosure.

While Michigan's unemployment rate has risen sharply as the state's economy has sputtered, the state's home foreclosure rate has varied little this year. In fact, Michigan's foreclosure rate slipped about one percent compared to the first half of last year.

But Michigan still has the 7th highest home foreclosure rate in the nation.

"We would have had higher foreclosure activity in the first half of '09," says Daren Bloomquist of Realty Trac, "If not for some of the different foreclosure moratoriums and state laws. In fact, Michigan recently enacted a state law that requires lenders to give home owners more time in the foreclosure process."

A million and a half homes in the U.S. were in foreclosure during the first half of the year. © Copyright 2012, Michigan Radio