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Michigan's falling home foreclosure rate may reach a milestone soon

foreclosure sign outside old home
Steve Carmody/Michigan Radio
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Michigan’s home foreclosure rate could soon reach a milestone.

A few years ago the state's foreclosure rate was near the top of the fifty state list.

But Daren Bloomquist with Realty Trac says the latest data shows Michigan is poised to drop out of the top ten, possibly by the end of the year.

"It’s still in that top ten…but it’s moving down," says Bloomquist,  "(Michigan) had often been showing up in the top five over the last few years….now it’s moved down to number nine in September.”

Bloomquist says Michigan’s home foreclosure rate is near a five year low.  

While Michigan's home foreclosure rate continued it's downward trend during the third quarter, foreclosure filings edged higher in Ohio and Indiana.

Steve Carmody has been a reporter for Michigan Radio since 2005. Steve previously worked at public radio and television stations in Florida, Oklahoma and Kentucky, and also has extensive experience in commercial broadcasting.
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