Michigan ranks 10th nationally for home foreclosures in the first half of 2022, according to a new report. However, many counties in Michigan have seen no increase.
County Wexford had 233 foreclosures in 2008, but only 12 this year.
“We are still doing really well about our share of the action,” admits Roxanne Snyder, Wexford County Registrar. No. Why are we in 10th place? [Wexford County is] Make sure the numbers are reduced or maintained fairly close. ”
Benji, Missaukee, Osceola, and Grand Traverse counties have maintained, or even reduced, mortgage foreclosures.
Habitat for Humanity Grand Traverse Area Thomas Khachadurian speculates that the reason northern Michigan is immune to higher foreclosure rates is because more people have more money in the area. I’m here.
“They tend to belong to the upper income bracket, and I think some are a little further away from the pressures we see in the mortgage market,” Khachadurian argues.
Khachadurian says people in northern Michigan can’t find affordable homes in the first place, while other parts of Michigan can’t afford homes.
“There are more applications than we can handle. Right now, homes are asking so high that people are just getting discounted from the market,” Khachadurian says.
He says affordable housing can solve that problem.
“More affordable housing means more people who can work in your community. It means the people who own those homes can afford them. This makes the community more stable and employs more people,” Khachadurian explains.
And while foreclosures have doubled in Manistee County this year, the rest of northern Michigan isn’t feeling the effects.
“Hopefully we can stay that way. I don’t know what the future holds, but so far it’s going well,” says Snyder.