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More Properties Posted for Detroit Foreclosure Auctions

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By : John Cutts    99 or more times read
There were more residential properties posted for Detroit foreclosure auctions in the first quarter compared to the same period one year ago, causing concern among Michigan officials and community advocates who expected improvements in the housing sector.

While other areas in the region, such as the counties of Macomb and Oakland and other parts of Michigan, showed declines in foreclosure activity, city officials are troubled that Detroit continued to post foreclosures in the first months of the year.

In the first quarter, a total of 13,192 foreclosure filings were recorded, marking a whopping 48-percent jump from the total of 8,913 foreclosure postings in the first quarter last year.

Similarly, the number of residential properties posted for foreclosure auctions in Michigan and the number of units repossessed by lenders in the first quarter surged by almost 11 percent to a total of 45,732 units. Of these distressed properties, a total of 11,485 were given default notices, a total of 15,642 were posted for public foreclosure home auction listings and a total of 18,604 units were repossessed by lenders.

While the first quarter foreclosure numbers showed increases across Michigan, foreclosure activity in March slowed by 11.62 percent from February. The total of 17,700 filings in March was a drop of 2,328 units from the 20,028 filings in February.

Despite the rise in residential units posted for Detroit foreclosure auctions in the first quarter, the median price for homes and condo units improved across Wayne County, where Detroit is situated. The sales price median increased in March to $33,050, a stunning 120.3 percent jump from the median in March last year.

Analysts in the region explained that home prices improved partly because of the drop in the inventory of foreclosed homes in Wayne County and in nearby counties in the region. Realtors in the region have been talking about recovery, but doubts still remain because of the continued foreclosure activity in Detroit.

Despite doubts about the recovery of the city of Detroit, there are real estate investors who believe that Detroit can regain its former status as an economically strong U.S. city. They view current difficulties as natural developments that need to occur to give way to cleansing processes and subsequent resurgence.

These investors continue to frequent Detroit foreclosure auctions and buy properties at bargain prices. One prominent investor has already purchased more than 625 real estate properties in Detroit, a strong show of confidence in the economic revival of the city.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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