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Investing in Mobile Foreclosures and Cheap Houses in Detroit

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By : John Cutts    99 or more times read
Recent developments in the Detroit market reflect great opportunities for investing in mobile foreclosures and other cheap houses in Detroit.

One is the improvement in sales and prices of homes in Detroit in April. Sales of nondistressed homes increased to 180 units, an improvement of 69.8 percent from the 106 units sold in April last year. The median price for these non-foreclosure homes increased to $16,000, a jump of 12.68 percent from $14,200 in April 2009.

On the other hand, sales from listings of home foreclosures dropped by a sharp 90.6 percent from 976 units in April last year to 512 units in April this year. The median price for all nondistressed and foreclosed homes sold in Detroit in April was $$9,000, a jump of 50 percent from $6,000 in April 2009.

Reasonable price increases are good for the housing market as well as for persons engaged in Detroit foreclosure investing. Price improvements indicate economic recovery, increasing the chances of home investors to resell their properties at better prices without waiting for several more years.

Besides, despite the price increases in April, the resulting price levels were still affordable to a lot of buyers and investors.

Another development affirming investments in mobile foreclosures is the substantial increase in consumer interest in manufactured or mobile homes and in recreational vehicles in Michigan.

Sun Communities, which is based in Michigan and which runs manufactured housing communities, reported that its total revenues spiked to $67.4 million in the first quarter of this year, indicating increases in sales of manufactured homes and in revenues from housing rental sites.

The firm reported that it sold 325 manufactured homes in the first quarter, a jump of 31 percent from the 248 units sold one year earlier. It has also rented out 203 homes, bringing the total number of occupied manufactured homes in the first quarter to a total of 5,950 units.

These increases in sales of manufactured homes indicate the surging popularity of manufactured or mobile homes, affirming the investment decisions of people including mobile homes in their portfolios.

The spike in interest in cheap houses in Michigan is also shown in the whopping 61-percent jump in home and condo sales in Southeast Michigan in April. Despite increases, the prices were still affordable, as seen in the Detroit median of $9,000.

With these positive developments, investing in mobile foreclosures and other cheap houses in Detroit and in other parts of Michigan is indeed workable.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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