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Living In Motown With The Aid Of Detroit Foreclosed Homes

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By : Julie Thompson    99 or more times read
Nicknamed the ‘The Motor City’ and by far the largest city of Michigan, Detroit truly is epitome of an excellent modern city. Situated on the Midwestern regions of United Sates alongside the famous Detroit River, the city of Detroit is widely denoted by many as one of the crucial port cities of America. Founded on July 24, 1701 by Frenchmen Antoine de la Mothe Cadillac, the cities automotive history stretches back decades when this Motown used to be filled with automobiles way back in the year 1936. Detroit’s rich automobile history along with booming cars sales since 1931 has actually played a huge hand in improving the road transportation systems in and around city.

Incidentally, Detroit is also home to quite a few world renowned modern architectures such as the Woodward Avenue, Renaissance Center (General Motors World Headquarters), Detroit Institute of Arts, Ambassador Bridge, Old Wayne County Building and the One Detroit Center. Even though living in Detroit might sound wonderful, but Detroit sadly never really was a good real estate market due to the lack of availability of real estate properties. Amazingly, such a dire scenario has luckily seen a drastic change thanks to vacation of large number of properties due to the recent economic crisis. As a result home buyers can now find Detroit foreclosed homes quite easily available at surprisingly key locations.

Ever since the economic recession concluded, foreclosed homes have been on the rise all over US. Even a super elite city such as Detroit wasn’t spared one bit as banks here in Detroit literally struggled to even run their daily trading. Banks required investments and failing mortgage payments on the behalf of home owners certainly didn’t help the situation one bit. In fact, even now most banks in Detroit are actually quite liberal with their lending habits since the recession. It’s more about profiting in volumes, that’s why most foreclosures and REO homes that are being auctioned by the banks are predominantly priced at least 50% off their market value. Even though the properties come incredibly devalued, they will still provide you with all the thrills that a modern house presents.

The thing is, Detroit has always had a higher GDP income in comparison to some of the other cities in US. What that virtually meant was more than 3/4th of the population was actually living the high life which in turn translated into them building well furnished homes. Normally banks would primarily have heaps of troubles maintaining foreclosure properties or for that matter REO homes. But in Detroit, maintenance wasn’t really the issue; it was rather got to do with selling. It has been well over 3 years now, luckily the Detroit real estate markets is still alive. Just a slight peek into any of the Internet search engines and you will be presently surprised to discover great many Detroit foreclosed homes at posh locations. Some markets do with 20 to 30% discounted foreclosures, but in Detroit these discounts can even reach up to 50%.
Julie Thompson, has been working on studying the foreclosures market, helping buyers on the finer points of Detroit foreclosed homes. Try to visit and find all related information about foreclosed homes.

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