Foreclosure filings — default notices, scheduled auctions
and bank repossessions — were reported on 135,874
Michigan properties for 2010, up 15 percent from a year
ago and 28 percent above the level reported for 2008,
according to the RealtyTrac® Year-End 2010 U.S.
Foreclosure Market Report™. “Foreclosure activity in
Michigan jumped up in 2010 to well above what was
reported for the past two years,” said James J. Saccacio,
chief executive officer of RealtyTrac. “One of the worstaffected
states in the nation in terms of foreclosure filings,
Michigan is also having a tough time in terms of keeping its
residents employed. Even with a recent improvement, the
state’s
The Massachusetts Supreme
Judicial Court has agreed to
hear an appeal from a buyer
who purchased a foreclosed
property from U.S. Bancorp in
2006 only to have a lower court
declare that he was not the
property’s owner because U.S.
Bancorp did not own the
mortgage when it foreclosed.
The case could have farreaching
implications on the
market for foreclosure
properties, calling into question
the validity of previous sales of
foreclosed (REO) properties,
which represent 15 percent of
all real estate sales, according
to RealtyTrac. It could also
wreak havoc on the lenders and
title insurers who were involved
in faulty foreclosure
transactions.