The number of residential properties posted for Detroit foreclosure auctions in the first quarter increased. A total of 13,192 foreclosure filings were recorded in the first quarter, marking a sharp 48-percent jump from postings in the same quarter last year.
Recent developments are affirming opportunities in Detroit foreclosure investing. GM is investing $120 million more in its Detroit-Hamtramck plant while a local association is enticing more business people to invest in the CEM neighborhoods.
Mortgage fraud continues to be among the major factors driving Detroit pre foreclosures. The Detroit metro area ranked fourth in mortgage application misrepresentation and valuation last year.
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