Lis Pendens Filings Down in Detroit but Total Filings Are Up- By: John Cutts
Lis pendens filings in the Detroit metro area slowed in the first half this year, but overall foreclosure filings spiked substantially as more lenders delayed filing new foreclosure cases but stepped up the completion of cases filed several months prior.
During the six-month period ended June, a total of 47,563 foreclosures were filed, marking a sharp jump of 35 percent from the total in the first half of last year, the time Greater Detroit posted the highest number of filings in the region since 2007 and released listings of record numbers of properties for sale.
Despite the six-month spike, however, foreclosure filings in Detroit in June marked a 15-percent slowdown compared to the previous month of May. According to the research firm that released the report for the first half, the pace of Detroit foreclosure auctions mirrored the foreclosure trend nationwide, which was a slowdown in new lis pendens filings and other preforeclosure postings, but a spike in lender repossessions.
Statewide, the number of homes repossessed by banks for posting in listings of Michigan foreclosed homes for sale in June dropped to 6,046 units, down by 24.51 percent from a little over 8,000 units in May. The state ranking improved as Michigan moved down from fifth in May to sixth in June.
Meanwhile, in the first half, a total of 78,509 Michigan homes entered foreclosure, representing one filing for every 58 residential properties in the state and putting Michigan seventh in a ranking of state by foreclosure rates. These filings marked an 8-percent jump over the quarter and 29-percent over the year.
Out of this six-month total, 45,451 foreclosure postings occurred in the April to June quarter, marking a jump of 34.42 percent compared to the second quarter in 2009 but a slight drop compared to the previous quarter.
More than 20,000 units were repossessed by mortgage lenders in Michigan in the second quarter, accounting for 44.36 percent of total filings, while the rest are lis pendens filings, default postings and foreclosure sale filings.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.