DETROIT (AP) -- New data suggests home foreclosures in Michigan are declining. Filings in the state dropped 7 percent in January compared with a year ago.
Michigan now ranks 10th nationwide for foreclosure filings. That's according to figures released Tuesday by California-based RealtyTrac. It ranked third in 2007. A decline in foreclosures in Detroit and the state would be a first step to a real estate recovery that experts predict could take several years.
Economists attribute the foreclosure decline to a combination of more consumers getting help from lenders and refinancing their mortgages, plus lower interest rates.
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Health Care Reform Debate 11/21
Michigan Senator Debbie Stabenow addresses the floor on the first vote that will take place for the health reform bill.
Health Care Debate 11/21
Michigan Senator Carl Levin addresses the Senate prior to a vote on the health care reform bill.
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