State Real Estate Market Outlook
Realty Market Outlook Michigan State Profile - Spring 2006
Personal bankruptcy filings and mortgage foreclosures in Michigan continued to increase. Fourth quarter 2005 annualized personal bankruptcy filings per 1,000 people totaled 11.4 for the state compared with 8.8 for the nation. The state’s mortgage foreclosure rate reached 2.5 percent during 2005, compared to 1.6 percent for the nation.
The relatively slow rate of home price appreciation across Michigan constrains homeowners’ ability to tap equity in their homes. During fourth quarter 2005, the state’s home appreciation rate of 3.8 percent ranked lowest in the nation and was significantly below the national average of 13.0 percent.
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