Land foreclosures in Detroit are going to be auctioned off this October by Wayne County tax officials. A total of 9,000 tax delinquent and tax foreclosed properties, majority of which are vacant lands, will be sold off.
Detroit home auctions surged in February, largely driven by underwater mortgages. Foreclosures in Wayne County soared by 69 percent in February as 47 percent of all mortgages in the city became underwater in December.
Home foreclosures in Detroit are contributing to the redefinition of the vision for Detroit. City Mayor Dave Bing, accepting the diminishing population of Detroit due to unemployment and foreclosures, has been promoting a more manageable city that has prospects for rising again.
Detroit foreclosures are shifting to commercial properties, which form the backbone of the economic development of the city. Even though, commercial properties form one fourth the amount of the residential foreclosures. Commercial Detroit foreclosures, needs extra importance.
Buyers continue to show a lack of interest in the list of single family properties and condominiums in Detroit as sales in these categories decline for the third straight month in September.
It is surprising but then it is a fact that condos are found in the Detroit foreclosure listings. People can bid for such apartments at much lower price.
Foreclosures in Detroit are being contained by local government and nonprofit officials through a web portal recently launched by Wayne County. The web portal is also serving homeowners in other counties of Southeast Michigan.
Print This Article
Add To Favorites