Michigan Has 10th Most Mortgage Foreclosures in the Nation in First Half of 2022

A new report shows Michigan ranked tenth in the nation in home foreclosures for the first half of 2022. However, many Michigan counties haven’t seen the increase. Cadillachouse2

Back in 2008, Wexford County recorded 233 foreclosures, but so far this year they’ve had just 12.

“We’re still really well with our share of deeds. We’re really not seeing that here,” Wexford County Register of Deeds Roxanne Snyder admits. “Not really sure why we’re lower and it’s higher somewhere else. Why we’re number 10, while [Wexford County is] seeing numbers decrease or it’s maintained pretty close.”

Mortgage foreclosures in Benzie, Missaukee, Osceola and Grand Traverse Counties have maintained and even decreased in some cases.

Habitat for Humanity Grand Traverse Region’s Thomas Kachadurian speculates the reason for northern Michigan’s immunity to the higher foreclosure rates is due to more people with more money in the region.

“They tend to be in the higher income brackets and I think some of those people are a bit more isolated from the kinds of pressures that you might see on a mortgage market,” Kachadurian claims.Cadillachouse3

Kachadurian says while the rest of Michigan loses the ability to afford their homes, people in northern Michigan can’t find any affordable homes to begin with.

“We have more applications than we can handle. What homes are going for is so high right now that people are just priced out of the market,” Kachadurian states.

He says affordable housing could solve that problem.

“More affordable housing means more people in your community who can work. It means the people who are owning those houses can afford to pay them. So, it makes the community more stable, more people available for employment,” Kachadurian explains.

And although Manistee County has seen their foreclosures double so far this year, the rest of northern Michigan hasn’t felt the impact.

“Hopefully we can stay that way. Not sure what will happen in the future, but right now we’re looking good,” Snyder says.