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Michigan still fighting foreclosure

A recent study showed that more than half of home foreclosures in the country come from California, Arizona, Florida, Illinois, and Michigan. 

Foreclosure experts say the unemployment rate is to blame for the high number of foreclosures. Michigan is currently tied for the 2nd worst unemployment rate nationwide.
        
"I'm from lower Michigan. A year and a half ago was the first time in my life I saw the western part of Michigan get hit as hard as it did as far as businesses moving out of the area.  So it's probably because of the amount of job losses" said Janice Delky, a foreclosure intervention counselor with Northeast Michigan Affordable Housing Inc(NEMAH).

Delky said sometimes lenders are willing to go a bit further with homeowners to keep them in their homes, because the more homes there is in the market, the more money the investor loses.

"We try to inform them on what's out there for them, we try to help get their applications into the lender.  We also help them understand the importance of what they need to do to keep their house.  I see a lot more of that than foreclosed homes being purchased" Delky said.

Reports from Reality Trac, a mortgage tracking business, said they expect an increase in foreclosures in 2011.


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