Tagged: real estate

Michigan mortgage lenders are taking longer to foreclose on delinquent homeowners.  In 2007, the entire foreclosure process in Michigan took on average 78 days to complete.   This year, the average foreclosure is taking 235 days to complete.  The reason is a mixture of the economy and paperwork. 

According to Realty Trac, this is not just a Michigan issue:

There’s another effort underway to get more people to move to the city of Detroit.

This latest one is called 11-11-11, as in: 1,100 new Detroit residents by November 11, 2011.

Foreclosure filings in Michigan fell 20% between October and November, but most of the decline came in homes in the final stages of foreclosure according to data released by Realty Trac, a group that calls itself "the nation's leading online foreclosure marketplace."

The pace of homes entering the system remained relatively unchanged.

Michigan home prices continue their downward slide and the trend shows little sign of stopping.

Home prices in Michigan declined about 9% in the third quarter, a downward trend that started in April as government buying incentives began to dry up.