Michigan Foreclosures Double In 2 1/2 Years
Michigan Foreclosure doubles in 2 1/2 years!
I came across this news article by API reporting as reported on Mercury News on Michigan Foreclosure rates:
But then something more AMAZING popped up at me and I hope you'll see my point in a minute. The news article not only talks about Michigan Foreclosures and Foreclosure Listings but then it goes to state the fact the lenders lose up to $50,000 on the resale of each foreclosed property!
What this is indicating is a rapid rise in House Foreclosure rates and if you position yourself properly, you can pick up some gems out there.
I know of people who travel around the country and attend foreclosure auctions and only pick up the select few foreclosed and distressed properties.
filed under: foreclosure investing
I came across this news article by API reporting as reported on Mercury News on Michigan Foreclosure rates:
"The number of homes undergoing foreclosure in Michigan doubled from February 2004 to February 2006 to a rate that is 2 1/2 times the nation's, according to a group that monitors foreclosures"
But then something more AMAZING popped up at me and I hope you'll see my point in a minute. The news article not only talks about Michigan Foreclosures and Foreclosure Listings but then it goes to state the fact the lenders lose up to $50,000 on the resale of each foreclosed property!
"Lenders lose up to $50,000 per foreclosed house as they sell them off at below-market prices. That can lower property values in neighborhoods, drive other residents away and hurt property tax collections for local governments"
What this is indicating is a rapid rise in House Foreclosure rates and if you position yourself properly, you can pick up some gems out there.
I know of people who travel around the country and attend foreclosure auctions and only pick up the select few foreclosed and distressed properties.
filed under: foreclosure investing
posted by Mr. Foreclosure at 12:43 PM
1 Comments:
You have a valid point.
One of my best friends lives in Detroit and he says the housing market there is taking a beating.
Sometimes this can work to the benefit of the investors though.
Any property purchased at the right price has the potential of making profits. All large metropolitan areas will have liquid cash to buy property.
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