Delinquencies and foreclosures
The delinquency rate for mortgages in Michigan, defined as loans 30 days
or more past due, was 3. 6 percent as of October 2018, according to CoreLogic’s Loan Performance Insights Report. That’s down from 4 percent for
the same month in 2017. The national rate for October 2018 was 4.1 percent. The foreclosure rate in the state stood at 0.2 percent in October 2018,
the same as the prior year. Nationwide, 0.5 percent of outstanding mortgages were in foreclosure as of this past October, according to CoreLogic.
The number of foreclosure filings in Michigan as measured by auctions
and homes taken back by banks, or real estate owned (REO), totaled
97,407 in 2012, according to Attom Data Solutions. Foreclosure filings
have been on a decline over the past four years. In 2018, Michigan
recorded 18,461 of these filings.
Michigan experienced uninterrupted job growth from 2009 to 2018,
according to a report from the University of Michigan. That’s the longest
period of sustained job growth in the state since the World War II era.
Michigan is expected to add nearly 700,000 jobs from 2009 to 2020.
The Great Recession was particularly hard on the state, however.
Michigan saw its unemployment rate reach 14. 6 percent in June 2009.
The unemployment rate was at double digits for 34 straight months
from 2009 until 2011. By comparison, the U.S. as a whole saw unemployment rise above 10 percent for just one month during that span.
As a result of the recent job gains, Michigan recorded a 3. 9 percent
unemployment rate as of this past November. That was just slightly
higher than the U.S. unemployment rate of 3. 7 percent for that month.
Sources: American Center for Mobility, Bureau of Labor Statistics, CBS News, Crain’s
Detroit Business, Detroit Chamber of Commerce, Discover Kalamazoo, Encore,
HistoricDetroit.org, History.com, Michigan Economic Development Corporation,
Michigan Radio NPR, Michigan State University, MLive.com, PricewaterhouseCoopers,
Reuters, Robohub.com, The Detroit News, U. S. Census Bureau, University of Michigan,
Western Michigan University
Jim Davis is editor of Scotsman Guide Residential Edition.
Reach him at (800) 297-6030 or firstname.lastname@example.org.
The city was the first capital of Michigan, but the capital was moved in
1847 to Lansing to be farther away from potentially hostile British troops
stationed in Ontario. Today, Detroit remains one of the cultural and
economic centers of the Midwest. The city itself was founded in 1701
and features a long and often quirky history. Iraqi strongman Saddam
Hussein, for example, was given the key to the city in 1980 after making large donations to a Detroit Christian church. Detroit’s Motor City
moniker is well-earned. Henry Ford drove his first car on the streets of
the city in 1896. About 1.7 million of the 2 million cars and trucks built
in Michigan in 2017 were made in metro Detroit, which has a population
of 4. 3 million. The city also is home to two heavyweights in the mortgage industry: United Wholesale Mortgage and Quicken Loans — both
of which employ thousands in the metropolitan area.
This city in southwestern Michigan was the home to two slices of
Americana history. Gibson Guitar Corp. was founded in Kalamazoo and
operated there until 1985, when the company moved to Nashville. The
manufacturer of Checker Cabs was based in the city as well, but the
last cab rolled off the line in Kalamazoo in 1982. Kalamazoo and nearby
Battle Creek also were the first cities in the country to incorporate curb
cuts that allow people in wheelchairs to navigate sidewalks smoothly
and easily. Today, Kalamazoo, with a population of about 75,000, is the
home to medical-equipment maker Stryker Corp. and Western Michigan
University, both major employers in the city. Kalamazoo is equidistant
between Chicago and Detroit, 150 miles from each.
The largest city in the Upper Peninsula (also known as the UP) is
Marquette, which has a population of about 20,500. The city was
founded in 1844 after the discovery of iron ore in the nearby Marquette
Range. One historian even said Marquette produced the bulk of the
iron ore used by the Union Army during the Civil War. Two mines in the
surrounding county still produce 20 percent of North America’s iron
ore. The city, which is located along the shores of Lake Superior, also
promotes its wintry outdoor getaways with the marketing slogan,
“Don’t hibernate. Celebrate.”
3 Cities to Watch
Michigan Foreclosure Filings
Source: Attom Data Solutions