Business
(2009-12-10)
(photo by Steve Carmody/Michigan Radio)
Michigan's home foreclosure rate is improving.
The state's foreclosure rate fell for a third straight month in November, after hitting an historic high in August.
Daren Bloomquist, with Realty Trac, says government programs that require lenders to work with at-risk homeowners to modify their loans helped create the decline, but he is unsure if those programs will have a long term effect.
"It will be very telling to see a few months down the road, once those trial modification periods are over whether we do see a spike in foreclosures," says Bloomquist.
One in every 283 Michigan homes is in foreclosure. © Copyright 2012, Michigan Radio
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