Tagged: foreclosure

On Thursday, the Michigan Supreme Court will hear arguments in a case that could affect a large number of  home foreclosures.    

The Court of Appeals ruled that mortgage lenders should not have used a national industry agency to file the foreclosures. The lower court found the Mortgage Electronic Registration System, or MERS, had no standing to file the foreclosure paperwork.    

“Anytime you’re going to take the fast track on foreclosing and take another person’s property…you need to be able to do it correctly…and right ….and legitimately," sais Lorray Brown, an attorney with the Michigan Poverty Law Program.

People interested in purchasing tax-foreclosed properties in Wayne County have until Friday to submit deposits.

The second round of this year’s auction starts the following week. The minimum bid for all properties is $500.

Michigan home sale prices increased significantly during the past three months. But according to a new report, prices are predicted to take another tumble. 

Michigan home sale prices are down dramatically from their pre-recession highs. However, a new report from Clear Capitol says Michigan home buyers have been paying more in recent months.

“Michigan overall is actually up even more so than the Midwest region. We have them up 8.5 percent on a quarter over quarter basis.  But still down six percent from where prices were a year ago," says Alex Villacorta with Clear Capitol. 

But Villacorta says home sale prices nationally appear to have plateaued and he expects they will decline about 3 percent this winter and even more in Michigan, which he says is more volatile than the national housing market.  

Villacorta says Detroit’s housing market continues to struggle and remains one of the lowest performing home sales markets in the country. He blames this on the fact that one in every three homes on the market has been repossessed by banks that are now trying to sell them at far below market prices.

Dozens of rental property owners and housing advocates are expected at a meeting in Grand Rapids this week. The rise of foreclosures could prompt the city to change parts of its housing code.

The city inspects rental properties with two or more units. They check for fire alarms, peeling or chipping lead paint, and other safety hazards. But single family homes for rent are exempt from inspections.