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Bad news just keeps coming

January 29, 2008 - Steve Murch
Well, more bad news for Michigan.

The downward moment that has been gaining steam had more bad news today. Like much of the recent bad news, this one wasn’t a surprise.

Michigan, Florida, California and Nevada were the four states that posted the highest foreclosure rates in the nation, according to RealtyTrac in a story by the Associated Press. The state was in the top 10 for foreclosures the entire last quarter of the year, so no one should be surprised to hear that.

According to RealtyTrac, about 1.3 million homes received foreclosure-related warnings, while 2.2 foreclosure filings rose to 2.2 million. According to the AP story, some homes may have received more than one notice, so it isn’t as simple as adding the two figures together to get a total. The increase of homes in some stage of foreclosure was 79 percent.

To make matters worse, there was a surge late in the year that, according to the story, suggests there are many in the initial stages of foreclosure.

‘‘It does appear that we’re seeing a new batch of properties enter the process,’’ Rick Sharga, RealtyTrac’s vice president of marketing told the AP.

The other states in the 2007 foreclosure top 10, including four more Midwest states were Colorado, Ohio, Georgia, Arizona, Illinois and Indiana.

There are no easy answers to the home foreclosure crisis. Things are likely to continue to be bad before they get better.

If you have a home and don’t have any issues, be thankful.


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