The foreclosure rate is down in eight Michigan regions, but it’s not because the economy is improving. The Grand Rapids Press reports that difficulties in completing the paperwork for foreclosures is slowing the process.
“These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country,” RealtyTrac CEO James J. Saccacio said in a statement. “Sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosures filings — and sometimes by both.”
A RealtyTrac ranking of foreclosure rates in towns of more than 200,000 showed the following:
22. Detroit-Warren-Livonia
25. Flint
40. Lansing-East Lansing
51. Grand Rapids-Wyoming
60. Saginaw-Saginaw Township
67. Holland-Grand Haven
69. Kalamazoo-Portage
75. Ann Arbor
Allegations that fraudulent mortgage documents have been used to foreclose on Michigan homes has an investigation by the Michigan Attorney General.