Bank Repos in Michigan Down 42%

The last several years. we've all grown pretty accustomed to bank repossessions. In fact, many of us have experienced them first hand. However, last month (May 2012) bank repossessions in Michigan dropped by 42%, good news for many Michigan homeowners. Repossessions can detract value from surrounding homes and often lower morale in neighborhoods where foreclosures are abundant, creating a repossession shadow that seems to fall over a community like a black storm cloud.

Fortunately, the housing market in Michigan is definitely moving into the silver lining of that cloud as reposessions drop, home sales increase and the values of homes steadily rise. According to a recent article in the Detroit Free Business Press, REO's (real estate owned by banks) in Michigan have declined in 18 out of the past 19 months and foreclosure filings dropped in Michigan by 40% in May of 2012 compared to the same month last year.

Although these findings show improvement, Michigan was by far one of the hardest hit states during the housing crisis and we have a long climb back to the top. According to Daren Blomquist, a spokesman for RealtyTrac, a recovery of the market in Michigan will largely rely upon improvements in the job market and the economy as a whole.

Michigan continues to rank in the top ten for foreclosure rates, with a rate of 1 foreclosure for every 519 households. It comes in behind Georgia, Arizona, Nevada, California, Illinois, Florida and Ohio. But regardless of the numbers, correction is underway and people are slowly, carefully moving back into the realm of home purchasing.

If you want more information about foreclosures or short sales in the Greater Lansing or East Lansing areas in Michigan, please get in touch with me at MyRealtrorRob. As an East Lansing realtor, I can answer any foreclosure questions you have or assist you in the purchase or sale of your home.