MichiganRadio

Foreclosures Up In Michigan, Metro Detroit DETROIT, MI (Michigan Radio) - Michigan's foreclosure rate shot up 29% in the first half of this year over the same months in 2009, according to California-based RealtyTrac.

Metro Detroit showed an even more dramatic increase with foreclosures up 35% to more than 47,000 from January through June. That's the highest level since the housing crisis began in 2007.

RealtyTrac spokesman Darren Bloomquist says there's actually some good news within those numbers.

"Properties entering the foreclosure process are decreasing, which is a good sign," Bloomquist says. "But we've got such a backlog of properties that entered the process sometime over the last year that have been delayed [being foreclosed on] that we're continuing to see that final stage of foreclosure increase."

Bloomquist says the fact that banks are now selling more foreclosed properties could further depress housing prices.

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