Wednesday, September 28, 2011

Michigan Foreclosure Update

This is a recent article from the Grand Rapids Press providing an update on the current foreclosure situation in Michigan. Some of the numbers should be a bit disturbing to us Michigan residents- 1 foreclosure for every 349 homes (the sixth worst rate in the country), third highest total number of foreclosures, and a 24 percent increase over July numbers in homes receiving first notices of foreclosure. It is also interesting to make note of the RealtyTrac CEO's quote where he says that the increase in first notices may be a result of lenders finally getting through various documentation issues. This theory closely relates to our discussions from the last week in that it points out the issues that fraud and easy-to-sign mortgages have caused (i.e. poorly organized documents, falsely stated information, manipulated numbers, etc.). Hopefully this can serve as an easy-to-read update on our current situation.

http://www.mlive.com/business/index.ssf/2011/09/realtytrac_number_of_michigan.html

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