Home foreclosure filings across the nation this year have been, and continue to be, well ahead of last year. But in July, nationally foreclosure statistics dropped four percent from the previous month. And foreclosure completions declined by five percent from June to July.
But in Michigan, foreclosures are running counter to the national trend.
Last month, foreclosure starts in Michigan were up 42 percent from June, and foreclosure completions in Michigan jumped 27 percent in July compared to the previous month.
A real estate industry analyst suggests Michigan is one of a few states that are still catching up on processing foreclosures on loans that were seriously delinquent prior to the pandemic.