IRON MOUNTAIN - Foreclosure filings in August increased 27 percent compared to the same month a year ago, a significantly slower pace than in previous months, The Associated Press reported.
Nationwide, 303,800 homes received at least one foreclosure-related notice in August, up 12 percent from July, RealtyTrac Inc. said.
That means one in every 416 U.S. households received a foreclosure filing last month.
The national lending picture looks bleak, but local lending institutions, said that foreclosures are not a problem in the Dickinson County area.
Jim Benbow, lender for the First National Bank & Trust Co. of Iron Mountain-Kingsford said the bank does not have that many foreclosures locally.
"We're seeing about average levels of foreclosures. We have been able to work with customers to get them through tough times," Benbow said.
The local bank has done this by in-house loans and being more flexible with loan terms.
The First National Bank of Niagara also is not seeing any more foreclosures than normal.
"No we are not. We haven't seen any more," said Sue Paoli, vice president/cashier for the Niagara-Aurora based bank.
She added the bank tries to fit their customer needs with certain programs and old school loan criteria.
Debbie Milligan, vice president of lending at Iron Mountain-Kingsford Community Federal Credit Union, said the lending institute also has not seen an increase in home foreclosures.
"No, we really haven't had members having problems," she said.
Milligan said the credit union is conservative, lending up to 80 percent of the value of the home.
The local housing market, meanwhile, is primed for families looking for a home.
Beverly Opolka, owner of Century 21 Superior Realty, said local home sales are down.
"Going by MLS production and personal production of the agents here, whether in this office or another - they visit and talk together - it is down, no question," Opolka said.
"They keep saying what should we do? Beauty is reflected in value," Opolka said. "We suggest if, on a house is on the market for a period of time, if listed a year ago, we encourage a price reduction in hopes to entice either new buyers or buyers who have been waiting for values to be lower in the paper."
"It is a buyer's market," Opolka said.
Lisa M. Hoffmann's e-mail address is lhoffmann@ironmountaindailynews.com.