Mortgage lenders plan to speed up the foreclosure process in Michigan in 2012
According to Realty Trac, the number of home foreclosures in Michigan last year dropped to the lowest level since 2007. The actual number of foreclosure filings dropped 26% compared to 2010.
The decline is partly due to a slowdown in the paperwork process. The average time between the first foreclosure filing and final repossession of a home in Michigan took 283 days last year. That’s a 46% increase over the number of days it took in 2010.
Daren Bloomquist is with Realty Trac. He says mortgage lenders will be speeding up the pace of home foreclosures this year.
"We’re past the peak of the foreclosure crisis in Michigan… but the numbers in 2011 were artificially lower than they should have been," says Bloomquist.
Michigan had the sixth highest home foreclosure rate in the nation last year with one in every 45 homes receiving a foreclosure notice.