Tagged: realty trac

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. 

Detroit’s home foreclosure rates are dropping.

Realty Trac reports Detroit now has the 39th highest home foreclosure rate in the country. That's a big change from a few years ago, when Detroit routinely ranked in the top ten.

In September,  Detroit’s home foreclosure rate was at its lowest point since September, 2006. 

Daren Bloomquist is with Realty Trac.    He says Detroit’s foreclosure numbers are improving, but he says more than half of Wayne County homeowners are ‘underwater” on their mortgages.

Michigan’s home foreclosure rate continues to trend lower, but a spike in foreclosure filings may be coming this month.

August marked 22  straight months that Michigan’s year over year foreclosure numbers declined.

In fact, the number of foreclosure filings in Michigan in August fell 41 percent compared to August a year ago.   Also, none of the 20 U.S. cities with the highest home foreclosure rates are located in Michigan.

But Daren Bloomquist with Realty Trac says there are signs that the trend may soon end.

Michigan’s home foreclosure rate continues to fall dramatically.

Realty Trac reports today foreclosure filings in Michigan fell another 6% last month and are down more than 40% compared to a year ago.

“We’re getting close to now 2 years of a long-term downward trend in Michigan foreclosure activity,” says Daren Bloomquist, who is a Realty Trac vice president.

Realty Trac is reporting today that Michigan’s home foreclosure rate is improving.

Foreclosure filings were down nearly 20% during the first three months of the year compared to the fourth quarter of 2011. The decline was even steeper compared to the same time a year ago.

Daren Bloomquist is with Realty Trac. He says nationally foreclosure numbers haven’t looked this good since before the recession started in 2008.

“I definitely think in Michigan…we’re passed the worst of this foreclosure problem… we’re on the downward slope," says Bloomquist, "But there’s just a few bumps I the road going forward before we completely… are out of the woods in terms of foreclosure in Michigan.”

Bloomquist expects there will be a spike in new home foreclosures in the second half of the year.

Michigan’s home foreclosure rate continued to fall in February.

Realty Trac reports today that one in every 433 Michigan homes had a foreclosure notice filed against it in February.

That was an improvement over January (down 18%) and a big improvement compared to February a year ago (down 25%).

The better statewide numbers are mirrored in the Detroit market (down 17% from January-down 27% from February, 2011), which has long been the epicenter of Michigan’s foreclosure problems.