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Last updated 2:27AM ET
March 9, 2021
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Foreclosure Rates-Michigan
(2008-02-27)
(wgvu) - DETROIT (AP) - New data suggests home foreclosures in Michigan
are declining.
The Detroit News and Detroit Free Press report filings in the
state dropped 7 percent in January compared with a year ago.
Michigan now ranks 10th nationwide for foreclosure filings.
That's according to figures released Tuesday by California-based
RealtyTrac Inc. It ranked third in 2007.
A decline in foreclosures in Detroit and the state would be a
first step to a real estate recovery that experts predict could
take several years.
Economists attribute the foreclosure decline to a combination of
more consumers getting help from lenders and refinancing their
mortgages, plus lower interest rates.
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