Tagged: foreclosure

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Business
9:01 am
Thu October 11, 2012

Michigan's falling home foreclosure rate may reach a milestone soon

Credit Steve Carmody/Michigan Radio
file photo

Michigan’s home foreclosure rate could soon reach a milestone.

A few years ago the state's foreclosure rate was near the top of the fifty state list.

But Daren Bloomquist with Realty Trac says the latest data shows Michigan is poised to drop out of the top ten, possibly by the end of the year.

"It’s still in that top ten…but it’s moving down," says Bloomquist,  "(Michigan) had often been showing up in the top five over the last few years….now it’s moved down to number nine in September.”

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Politics & Government
8:17 am
Wed September 26, 2012

In this morning's Michigan news headlines. . .

Credit User: Brother O'Mara / flickr

148,000 Michiganders getting settlement letters

Michigan residents who lost their homes to foreclosure between 2008-2011 will be sent claims forms as part of a $25 billion national settlement of complaints about improper conduct by lenders. Michigan Attorney General Bill Schuette says about 148,000  are being sent claims forms. "Schuette said Tuesday that those eligible to share in the settlement lost their homes to foreclosure in 2008-2011. He says his office continues to look at possible criminal actions involving what are called "robo-signing" practices in foreclosures. Robo-signing involves people signing documents without proper review. Eligible borrowers had mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo. The companies agreed to the settlement with the federal government and attorneys general for 49 states and the District of Columbia," the AP reports.

House bill would make it easier and cheaper to get public records

"The chairman of a state House committee says it’s too easy for government agencies to delay and sidestep requests for public records. The state House Oversight, Reform, and Ethics Committee opened hearings yesterday on measures to make it easier and cheaper for people to get public records. One bill would limit how much government agencies could charge for providing copies of records. Another would create a state commission to hear citizen complaints about compliance with Michigan’s Freedom of Information Act," Jake Neher reports.

30,000 kids missing from preschool

"Because of uneven or inadequate state funding, around 30,000 4-year-olds eligible for public preschool in Michigan are not enrolled. That's according to a new report by Bridge Magazine. More than half the kids in the state are eligible for public preschool because they are from low or moderate income families. But, some districts don't have enough money to meet demand. State officials admit money for the program is uneven and inadequate. Momentum for more early childhood education funding appears to be growing among legislators. The Snyder administration has also said it's a priority," Sarah Alvarez reports.

Economy
1:01 am
Thu September 13, 2012

Foreclosure numbers tumble again in Michigan (but a September spike is possible)

Credit Steve Carmody/Michigan Radio
file photo

Michigan’s home foreclosure rate continues to trend lower, but a spike in foreclosure filings may be coming this month.

August marked 22  straight months that Michigan’s year over year foreclosure numbers declined.

In fact, the number of foreclosure filings in Michigan in August fell 41 percent compared to August a year ago.   Also, none of the 20 U.S. cities with the highest home foreclosure rates are located in Michigan.

But Daren Bloomquist with Realty Trac says there are signs that the trend may soon end.

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Economy
4:07 pm
Thu August 2, 2012

Business is brisk at local tax foreclosure auction in Michigan

Credit Steve Carmody/Michigan Radio
What's your bid? Hundreds of people turned out for the auction of hundreds of Jackson County properties. The county is selling the properties to recover unpaid taxes.

There may be some good economic news in a place that's usually just about bad news: county tax foreclosure auctions.

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Politics & Government
5:24 pm
Mon July 9, 2012

Anti-foreclosure activists target Fannie Mae, federal lawmakers

Credit Sarah Cwiek / Michigan Radio
Jennifer Britt talks to supporters outside the McNamara Federal Building in Detroit.

A Detroit-based group of activists is working through the summer to help people facing foreclosure stay in their homes.

The Detroit Eviction Defense Coalition is affiliated with the Occupy Detroit movement. They held a rally Monday at the McNamara federal building to support Detroit homeowner Jennifer Britt, who faces eviction after a lengthy legal battle.

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Economy
2:46 pm
Tue July 3, 2012

Feds to auction Lafayette Towers in Detroit

Mies van der Rohe Residential District
Credit user Mikerussell / Wikimedia Commons
Mies van der Rohe Residential District. The foreclosed Lafayette Towers, seen on the right, will be auctioned off later this month.

The Detroit landmark Lafayette Towers has fallen into foreclosure and is set to be auctioned by federal authorities in two weeks.

The Detroit News says financial details were not immediately available in the notice posted by the U.S. Dept. of Housing and Urban Development.

Successful bidders on the luxury high-rise will need to post more than $2.5 million in escrow for an estimated $10 million in repairs required to be completed in 18 months.

The apartment towers were constructed in the 1960s. The two 22-story, river-view buildings contain 584 units located on nearly 10 acres in the Mies van der Rohe Residential District.

The auction is set for 10 a.m. July 18 in the first floor of the Coleman A. Young Municipal Center.

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