New data suggests house flippers are flopping in Michigan
There’s a sharp uptick in banks repossessing homes in Michigan.
In 2015, 31,000 Michigan homes were in the foreclosure process. That’s similar to the numbers before the Great Recession.
But Realty Trac’s Daren Blomquist says there’s been a 56% increase in bank repossessions. He says these homes tend to be "low value properties in undesirable locations."
"Very commonly, those will be investor properties that were picked up with the desire to flip because they were so low cost, but have ended up back in foreclosure," says Blomquist.
Blomquist says foreclosure starts in Michigan were down 14% in 2015.