Foreclosure filings rise in Michigan
The pace of home foreclosure filings is picking up in Michigan.
The number of foreclosure filings is still well below pre-pandemic levels. But they are growing.
“The increased level of foreclosure activity in January wasn’t a surprise,” said Rick Sharga, executive vice president of RealtyTrac, an ATTOM company. “This year, the increases were probably a little more dramatic than usual since foreclosure restrictions placed on mortgage servicers by the Consumer Financial Protection Bureau expired.”
Last month, Michigan ranked fourth in the country in foreclosure filings, with one in every 3,127 hundred homes in foreclosure. Nationwide one in every 5,922 housing units had a foreclosure filing in January 2022.
Among major American cities, Detroit topped the list, with one in every 1,547 homes facing foreclosure. Grand Rapids, Kalamazoo, Flint and Lansing also saw increases in foreclosure filings in January compared to January 2021.