"For years, Michigan has been on the wrong side of national foreclosure ‘lists;’ however, recent analysis shows that it is the most improved state percentage-wise.”
Boca Raton, FL (PRWEB) January 09, 2013
Foreclosure.com analyzed data that compared active Michigan foreclosure totals from the second and third quarters of 2012, revealing the soft housing market in one of the hardest-hit states in the nation had 12.18 percent fewer homes in some stage of default.
“There were approximately 3,900 less active foreclosures in Michigan from July through September when compared to data collected between April to June 2012,” said Foreclosure.com Vice President James Houston. “For years, Michigan has been on the wrong side of national foreclosure ‘lists;’ however, recent analysis shows that it is the most improved state percentage-wise.”
In fact, Michigan beat out Texas, which reduced its active foreclosure inventory by more than 10 percent, to claim the top spot.
Houston points to Michigan’s staunch effort to keep roofs over the heads of distressed homeowners as a key reason the foreclosure inventory is improving. Moratoriums, loan modifications, short sales and other home-saving programs are starting to show signs of success.
The recovering state economy, which relies heavily on the resurging automotive industry, is also likely a contributing factor, among others.
However, foreclosures are still too common and prevalent. And that’s especially the case in the state’s biggest cities where foreclosures, naturally, occur more frequently such as (in order of frequency) Detroit, Flint, Grand Rapids, Warren and Lansing.
Flint was the city that improved the most statewide, reducing its inventory by nearly 61 percent, while the amount of distressed homes in Port Huron, which is the state’s easternmost point on land and serves as the “Gateway to Canada,” increased nearly 39 percent.
Here are the most (and least) improved cities in Michigan (Q2 vs. Q3 2012):
**Note: Only cities with a minimum of 100 active foreclosures in both quarters were analyzed**
Top 5 Cities
Royal Oak -36.95%
Worst 5 Cities
Port Huron +38.57%
Foreclosure.com has also posted a helpful Michigan foreclosures InfoGraphic that illustrates the data above – and more – in chart form at http://www.foreclosure.com/articlecenter/category/foreclosure-infographics.
ATTENTION EDITORS AND PRODUCERS:
For more information on Michigan foreclosures, including the rankings of specific cities based on percentage of Q2 vs. Q3 2012 improvement or otherwise, please contact Thomas Myers at (561) 988-9669 ext. 7381 or tmyers(at)foreclosure.com.
With more than 2 million preforeclosure, short sale, foreclosure, Sheriff sale, foreclosure auction, bank repossessed (bankruptcy), HUD homes, foreclosed homes for rent to own and tax lien listings in one place, Foreclosure.com delivers America’s largest and most accurate searchable database of distressed real estate and investment property information. Based in Boca Raton, Fla., Foreclosure.com works directly with hundreds of top lending institutions and government agencies to list diverse property types on its website, as well as features listings from an extensive network of corporate sellers. As a result, high profile media outlets and prestigious non-profit industry groups alike have recognized the company as the number one rated distressed property listing resource available anywhere. Foreclosure.com offers much more than just real estate listings, connecting sellers, buyers and agents in one convenient location as a one-stop real estate marketplace.