Fraudulent loan activity declined slightly in Michigan at the end of last year.
Kroll Factual Data checks loan applications for phony buyers, attempts to misrepresent the value of homes and other fraudulent information.
Kroll president Rod Bazzani says there's been a surge in home loan refinancing, which may explain the decline. He says refinancing more than doubled last year.
“When you understand that statistic, you realize you’re going to have much less fraud in a refinance environment than you would in a purchase loan environment,” says Bazzani.
Michigan’s home foreclosure rate is no longer among the nation’s worst.
Realty Trac reports Michigan ranked 16th in the nation in home foreclosures in March. That is a far cry from a few years ago when the state had the nation’s highest foreclosure rate.
Mary Townley is with the Michigan State Housing Development Authority. She credits the authority’s “Step Forward” program for providing assistance to people at risk of losing their homes…
Michigan’s home builders are optimistic about the year ahead.
The recession walloped Michigan’s home building industry. Many builders went out of business. Others merged and focused on home remodeling.
But a new survey shows Michigan’s home builders are optimistic about getting back into the business of building new homes. They say pent up consumer demand, especially for more expensive homes ($200,000 to $800,000), is pushing up the Michigan Housing Index.
A new report finds three regional cities are good places to buy and rent out single family homes.
A new Realty Trac survey lists Detroit, Saginaw and Toledo among the 20 best markets in the country to own and rent single family homes. Florida cities dominate the rest of the list.
The top 20 are based on the markets with the most potential cash flow and capitalization rates on a 3-bedroom home.
Saginaw ranked second on the survey. Toledo came in third. Detroit ranked 15th on the list. Memphis, Tennessee topped the Realty Trac ranking.
Michigan is close to ending its role as a leader in home foreclosures.
At one time the state had the highest foreclosure rate in the country.
But after 27 straight months of declines, Michigan’s foreclosure rate is almost down to the national average.
“It’s still in the Top Ten states for foreclosure rates…barely it’s at number ten,” says Daren Bloomquist with Realty Trac, “with one in every 837 housing units with a foreclosure filing in the month (of January)….and that’s not too far off the national average ….which is one in every 867 housing units.”
First time homebuyers may be eligible for up to $5,000 in state grants. The grants are part of a settlement against the five largest mortgage servicers.