15.3% of the mortgages in Michigan are in delinquent, keeping us in the top five states.
I do not look for this trend to improve, as more foreclosures put more homes on the market.
Increased supply causes price reductions.
In the case of homes, more homes then are worth less than what is owed.
That means, more owners willing to walk away, to stop paying when the mortgage debt exceeds the value of the home.
Foreclosures Set New Record
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