Bank and VA Foreclosure Homes Continue to Rise in Michigan- By: John Cutts
The high numbers of bank foreclosures and VA foreclosure homes remain a problem in most areas of Michigan. In some cities, neighbors and organizations attempt to help fellow community members facing foreclosures.
Grand Rapids foreclosure investments and home buying in most areas of the state have slowed down due to the falling prices of dwellings. According to some analysts, the federal government's programs designed to aid homeowners stave off foreclosures are not having much impact and housing markets remain submerged in the foreclosure crisis.
Recent reports showed that foreclosed homes in Michigan and general foreclosure-related activities increased by almost 30% during the January-June 2010 period compared with the same period of 2009. The major metro cities of the state were hit hardest, with Detroit recording a rise of 35% during the first half of the current year.
People who search foreclosures for sale can find a lot of them in the state, particularly in Detroit. The city had 47,000 residences under foreclosure during the first six months of 2010. A local radio news report claimed that the number is the highest on record since 2007 when the housing market crisis first started.
Some communities though, are doing what they can for neighbors facing bank, government and VA foreclosure homes problems. Recently, a small group in Detroit comprised of ordinary residents and members of the Moratorium NOW! Coalition, celebrated the victory of the Morris family who were allowed to stay at their residence which has served as home for more than 30 years.
However, members of the coalition and some members of the neighborhood believe that such positive news have become too rare in most areas of the U.S. For some of them, they blame the foreclosure-mitigation programs launched by the government for allegedly failing in what they were designed to do. Local analysts also highlighted a disturbing trend that has emerged in the country's housing market.
According to real estate analysts, most foreclosures now are due to homeowners losing their jobs. They emphasized that the problem is now primarily due to the poor condition of the nation's economy. High unemployment rates have been cited by most market experts as the reason behind the continuous increase in the number of bank and VA foreclosure homes in Michigan and in the rest of the U.S.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.