Michigan Ranks 7th in U.S. foreclosure rates

Through the first half of 2009, Michigan’s foreclosure rate ranked seventh highest among states, with a foreclosure occurring for every 74 housing units, according to a West Coast firm that tracks real estate data. Foreclosures between January and June were down 1.3 percent from a year ago. The state had 60,786 units in foreclosure, up 1.3 percent from the July-through-December period. According to RealtyTrac Inc. of Irvine, Calif., foreclosed properties include those with default notices, auction sale notices, or bank repossessions. The report said that nationwide in the first half of the year 1,528,364 properties were in the foreclosure process, or one for every 84 housing units. That was a nearly 15 percent increase from the first six months a year ago.