Tagged: foreclosure

Nationwide and in Michigan the rate of foreclosures has slowed a bit in recent months.  But Realty Trac experts say that’s less a sign of a robust housing recovery and more a sign that lenders have become bogged down.  They’re reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing, the so-called robo-signing scandal.

Analysts expected a big jump in home foreclosures in Michigan in January.  But the jump didn’t materialize.

 Home foreclosures slowed last fall in Michigan and around the country as banks dealt with a scandal about robo-signings.   Essentially mortgage lenders signing foreclosure documents without checking to make sure what they were signing was accurate or truthful.  Foreclosures were expected to spike this month.  But they didn’t.  Realty Trac reports Michigan saw only a 4% increase in foreclosure filings in January.   Nationally only a one  percent increase.

Holland and Grand Rapids’ Public Schools are both closed because the sidewalks aren’t shoveled enough yet to send kids to school safely.

No Michigan housing markets rank among the 25 worst for home foreclosures in a new national survey.    But, that may change by the end of this year.