DETROIT (WWJ/AP) – Michigan is still in the top 10 when it comes to home foreclosures.
The foreclosure listing firm RealtyTrac said between February and March, the number of properties repossessed by banks rose 13 percent. That’s the highest increase in a year.
The number of U.S homes repossessed by banks fell in the first 3 months of the year, and so did the number of properties entering the foreclosure process.
Unfortunately, it’s not because the economy is improving but rather a processing delay by lenders.
RealtyTrac said once lenders can catch up on the paperwork, foreclosures will starting rising again.
Nevada continues to lead in the number of foreclosures, followed by Arizona and California. Michigan is number seven, just ahead of Florida and Colorado.
The Associated Press contributed to this report.