Galloway and Collens, PLLC
We are here for you during the COVID-19 emergency.
Please call 248-284-1990 to reach our receptionist or fill out the contact page of our website and we will be in touch.

Michigan home repossession rates drop 42 percent

We talk about local home prices and how the housing market is doing in general a lot on this blog. The housing market in Detroit affects a lot of other segments of the economy and is often used as a bellwether for Michigan's progress towards economic recovery. Foreclosure rates have been fluctuating slightly nationwide over the last year, with delays from litigation causing decline, followed by an increased rate when banks tackled backlogged accounts.

However, compared to the same time last year, the tide has turned significantly for Michigan. The bank repossession rate has gone down by a notable 42 percent this month, signaling better financial standing for many Michigan homeowners. Foreclosure filings only dropped by four percent nationwide.

Overall, Michigan is fifth in the nation for foreclosure rates. There was approximately one filing for every 519 households in Michigan last month. Nationally, filings are at about one per 639 households. Experts say that the improving economy and the prevalence of short sales has prevented many foreclosures.

What this means for investors and potential homebuyers is still unclear. Since housing prices are fluctuating but generally at a low point, it may be a good time to invest in Michigan properties. At the same time, more foreclosures and bank owned properties on the market in a given area may keep the market depressed until inventory evens out.

Source: Detroit Free Press, "Bank repossessions drop 42% in Michigan," Greta Guest, June 14, 2012.

No Comments

Leave a comment
Comment Information
  • Sterling
  • dbusiness - Top Lawyers
  • SuperLawyers 2019
  • Rainbow Image
  • Senior & Caregiver
  • ICLE Contributor
Email Us For A Response

Contact Our Metro Detroit Attorneys

Our law firm is ready to help. Contact the real estate and estate planning attorneys at Galloway and Collens, PLLC, by calling 248-284-1990.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

This site uses Google's Invisible reCAPTCHA, which is subject to Google's Privacy Policy and Terms of Use.

26075 Woodward Avenue Suite 200 Huntington Woods, MI 48070-1341 Phone: 248-284-1990 Fax: 248-545-2520 Huntington Woods Law Office Map