DETROIT — MICHIGAN-Realty Trac, a company that publishes the
largest database of foreclosed, auction and bank owned homes in the country,
has found that foreclosure has greatly affected the state in the first quarter
of 2011. Realty Trac reports that 32% of the homes sold within the first
quarter were repossessed homes, which average $70,000 in price. The reduced
price on the foreclosed homes is weighing down Michigan’s real estate market.
The state is among one of a dozen states in the country where sold foreclosed
homes account for 25% or more of the market.  Realty Trac spokesman Daren Bloomquist said the effect of
foreclosed properties on home prices in Michigan varies from city to city,
depending on the amount of repossessed homes on the market.