If you're looking for an indicator of better economic times, here's one.
Richard Burr off The Detroit News reports that foreclosure activity declined by 50 percent in September compared to the same time last year in the Metro Detroit area. Overall, Michigan's rate dropped 45 percent in September.
The News reported that default notices, sheriff's auctions and lender-repossessed homes in the four-county area fell for the 23rd consecutive month in the region.
Last month it dropped by 37 percent, according to RealtyTrac.
It appeared to be part of a national trend and sign of an improving housing market.
Burr writes:
Metro Detroit home sales and prices have risen in the past year. The stronger demand is encouraging lenders to allow more short sales — when homes are sold for less than what is owed on the mortgages — rather than go through a lengthy foreclosure process, RealtyTrac Vice President Daren Blomquist said last month. Michigan foreclosures average 226 days to complete, according to RealtyTrac.
