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Tagged: foreclosure

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Housing Market
3:11 pm
Thu October 14, 2010

Michigan foreclosure rate stable, but still higher than last year

Foreclosure sign
Michigan ranks 8th in the nation for foreclosures
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Michigan’s home foreclosure rate has stabilized, but is still much higher than the national rate. One out of every 98 homes in the state is in the foreclosure process.

Daren Bloomquist is a spokeman for RealtyTrac, a company that tracks foreclosures.

“In Michigan I would say the number one issue is unemployment. It's still there and so that's still pushing people into foreclosure. Until we solve that problem, you're still going to see an elevated level of foreclosures in Michigan," Bloomquist said.

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Making the best of it
1:02 pm
Thu October 7, 2010

Foreclosures create opportunity for Habitat for Humanity

Next imagePrevious image
Building a knee wall in an attic
Credit Rebecca Williams / Michigan Radio's The Environment Report
House leader Steve Denman helps Kallista Walker build a knee wall in the attic of this house. Walker is putting in part of her 300 hours of sweat equity so she can qualify for a house of her own.
Foreclosed house in Ypsilanti Township
Credit Rebecca Williams / The Environment Report
Habitat for Humanity says fixing up foreclosed houses is cheaper than building new.
Sawing wood
Credit Rebecca Williams / Michigan Radio's The Environment Report
Volunteers saw wood for the knee wall that will hold insulation.
Building a knee wall in an attic
Credit Rebecca Williams / Michigan Radio's The Environment Report
Volunteers build the knee wall in the attic. They say the new homeowner will have an efficient house and be able to afford the bills.
Google map of foreclosures in southern Michigan
Credit Google
There are plenty of foreclosures in Michigan to work with (link to map in story).
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Habitat for Humanity says it's saving money by fixing up foreclosure in Michigan, rather than building new. The Environment Report's Rebecca Williams visited volunteers working on rehabbing a house in Ypsilanti Township. Megan Rogers with Habitat says rehabbing foreclosures costs about 1/3 less than building new, but it can be a bit more challenging:

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