Volume of Foreclosure Homes in Michigan remains high in November

The volume of foreclosure homes in Michigan declined by 20% from October to November. This is according to information released by a national Real Estate tracking firm. The drop in foreclosures in the state came as volume of foreclosed homesfell in November in almost all states in the US.

The decline mostly involved foreclosures in Michigan that were already in the last stages of the foreclosure process. Thus, for the month, the number of foreclosed homes available for sale declined in the period. It was noted that the rate of households that received foreclosure notices remained unchanged. Market observers said this is an assurance that in the coming months, the volume of foreclosure homes in Michigan that are up for sale would rebound.

Analysts think the decline in foreclosed homes in Michigan was in line with banks’ decision to temporarily stop repossessions of homes due to foreclosure. This action was spurred by a wave of numerous negative publicities brought about by the scandal involving lenders’ foreclosure documents.

They added that the issue is not expected to totally stop foreclosures in the state. Analysts emphasized that foreclosure homes in Michigan just ‘slowed down.’ It would regain pace when banks decide to resume foreclosure activities in the coming months. As of now, several major lenders have already announced plans to continue their foreclosure activities as soon as next month.

Michigan was the seventh state in the US with the highest rate of foreclosures in November. It has remained in the top 10 list for quite some time. Nevada was still the state with the highest volume of foreclosed homes for the 47th consecutive month. Forclousers in Palmdale CA and in the rest of California also declined, but remained as among the highest in the country, just like in Michigan.

Analysts reminded that aside from the banks’ halt of foreclosure activities, the decline in foreclosure homes in Michigan and in other states, such as Forclousers in Palmdale CA, could also be attributed to the seasonal slowing down that typically occurs in November.

But there are still a lot of cheap foreclosures waiting to be bought, and you can get access to them through the updated listings of foreclosures for sale here, at MostlyForeclosures.com.