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Michigan Has Nation’s Sixth Highest Foreclosure Rate

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(Los Angeles-WWJ) Real estate tracking firm RealtyTrac says Michigan had the country’s sixth highest foreclosure rate last month.

Just over 13 thousand initial default notices, the first step in the foreclosure process, were issued in Michigan in August. That’s one for every 349 homes, placing Michigan sixth among the states.

Nevada once again leads the way with a rate of one in every 118 homes. California, Arizona, Georgia and Idaho are also ahead of Michigan.

Nationally, the foreclosure rate jumped 33 percent between July and August, the biggest monthly gain in four years.

Rick Sharga, senior vice president of RealtyTrac, says “It’s still possible this is a blip, but I think it’s much more likely we’re seeing the beginning of a trend here.”

Analyst Josh Levin at Citi says the foreclosure pipeline presents “the greatest obstacle to a housing market recovery.”

(Copyright 2011 WWJ Newsradio 950. All Rights Reserved. The Associated Press Contributed To This Story)

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