Back by popular demand
By admin | October 17, 2007
Michigan has hit a five year high in number of foreclosed FHA Loans. With the rising number of foreclosure across the country this statistic should really come as no surprise to anyone who has followed the housing market this year. Nearly 4 percent of the 5,235 FHA loans in the state of Michigan were foreclosed on ending Sept. 30th and 9,000 more are over 90 days delinquent with many of these headed towards foreclosure as well.
The expert consensus says that these foreclosures go beyond what is seen across the country and point towards Michigan’s poor economic state.
“In Michigan, we have determined that the situation has just gotten so severe we need to get out front more,” said Laurie Maggiano, deputy director of the U.S. Department of Housing and Urban Development’s Office of Asset Management and Disposition. “We don’t like the numbers and we want to see them go down.”
Help may be on the way in the form of Michigan only initiatives from the HUD. The HUD themselves are directly contacting the delinquent borrowers to meet with and discuss a way to avoid foreclosure. The HUD generally does not contact individuals directly.
If you would like to read more about the Foreclosure problem facing the state of Michigan you should visit The Detroit News.
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