Category: News Briefs Published on Thursday, 11 October 2012 11:59 Written by Melissa Anders, Mlive
Michigan had nearly 28 percent fewer foreclosure-related filings in the third quarter than one year before, more than twice the 13 percent national decline.
The state still had the nation’s 8th highest foreclosure rate of one out of every 201 homes. The national rate is one in 248 homes, according to RealtyTrack Inc., an Irvine, Calif.-based foreclosure data firm.
Five counties with the highest foreclosure rates last quarter were Wayne (1/131), Shiawassee (1/138), Genesee (1/140), Lapeer (1/156) and Saint Clair (1/156). (See more county-specific data in map below.)
Michigan had 22,586 foreclosure-related filings in the third quarter that ended in September. That’s down 8 percent from the second quarter and 28 percent lower than the third quarter of 2011.
The report includes filings from various parts of the foreclosure process, such as notices of default and foreclosure sales. Some filings in the report may have also been recorded in previous months.
Nationally, foreclosure filings last quarter dropped to the lowest level since the fourth quarter of 2007.
Michigan home sales and prices have also been improving.
There were 12,578 homes sold in August, the most recent data available from the Michigan Association of Realtors. That’s up nearly 11 percent from August 2011.
Year-to-date sales reached 83,386 homes, a 10 percent bump over the same period last year.
The average sale price in August was $119,446, up 5 percent from $113,412 in August 2011.
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