Michigan Foreclosures Rise to High Levels in 2007, Aided By Soaring Number of Detroit Foreclosure Homes
January 29th, 2008 by 
admin
The statistics for Michigan foreclosures received a huge boost from the Detroit metropolitan area during 2007, new reports indicate. Detroit foreclosures rose more than 107% between December of 2006 and December of 2007, worsening the city and the state’s already worrisome foreclosure crisis. Michigan foreclosure homes rates have consistently been among the top 5 states in the nation over the past few years, and 2007 secured it as one of the worst areas in the country for home foreclosures.
However, some experts feel that the Detroit area has now seen the worst, and that foreclosed property levels will become less and less over 2008. Typically, the foreclosure epidemic has affected low income urban areas the worst nationwide, and parts of Detroit certainly fit this bill. Therefore, with rising interest rates, a sluggish real estate market and low demand, home values have fallen and foreclosures property inventories have been on the rise in the area for quite some time. But during the last quarter of 2007, the rate of house foreclosure per month began to slow, showing signs that the worst may be over for this part of the state.
Other areas of Michigan however have also been hit hard. Flint foreclosures, Lansing foreclosures and Warren foreclosure homes also saw big rises during 2007, adding to the high number of real estate foreclosures currently available all over the state.
Investors have taken note of the goings on in Michigan over the past year, and noting the slower rate, many have started investing in bank foreclosures and other REO homes. Taking advantage of the sheer volume of foreclosed homes out there, investors have found rock bottom prices on a wide variety of apartments, houses and commercial properties throughout the state. Of particular interest are homes in suburban communities, such as Grand Rapids foreclosures, which offer great potential for rising property value and big profits on resales once the market turns around.
If you’re interested in foreclosure investing and have the patience to wait for a turnaround in the market, Michigan foreclosures are certainly worth taking a look at for the big potential they have for profit, if of course, everything goes ahead as experts are predicting in 2008. Keep watching Michigan closely.
Related Posts:
- Surprises Springing up in Detroit, Michigan
- Michigan Experiences Drop in Real Estate Foreclosures During January
- Washington D.C. Foreclosure Rate Spikes in First Month of 2008
- Michigan Foreclosures Rate Drops to Number 5
- Michigan Bank Foreclosures: More Choices for Buyers
Posted in Foreclosure Homes, Foreclosures, Michigan | 
February 13th, 2008 at 5:22 pm
[...] Michigan Foreclosures Rise to High Levels in 2007, Aided By Soaring Number of Detroit Foreclosure Ho…The statistics for Michigan foreclosures received a huge boost from the Detroit metropolitan area during 2007, new reports indicate. Detroit foreclosures rose more than 107% between December of 2006 and December of 2007, worsening the city and the state’s already worrisome foreclosure crisis. Michigan foreclosure homes rates have consistently been among the top 5 states in the nation over the past few years, and 2007 secured it as one of the worst areas in the country for home foreclosures. [...]
February 14th, 2008 at 7:09 am
[...] Michigan Foreclosures Rise to High Levels in 2007, Aided By Soaring Number of Detroit Foreclosure Ho…The statistics for Michigan foreclosures received a huge boost from the Detroit metropolitan area during 2007, new reports indicate. Detroit foreclosures rose more than 107% between December of 2006 and December of 2007, worsening the city and the state’s already worrisome foreclosure crisis. Michigan foreclosure homes rates have consistently been among the top 5 states in the nation over the past few years, and 2007 secured it as one of the worst areas in the country for home foreclosures. [...]
February 18th, 2008 at 9:17 pm
[...] Michigan Foreclosures Rise to High Levels in 2007, Aided By Soaring Number of Detroit Foreclosure Ho…The statistics for Michigan foreclosures received a huge boost from the Detroit metropolitan area during 2007, new reports indicate. Detroit foreclosures rose more than 107% between December of 2006 and December of 2007, worsening the city and the state’s already worrisome foreclosure crisis. Michigan foreclosure homes rates have consistently been among the top 5 states in the nation over the past few years, and 2007 secured it as one of the worst areas in the country for home foreclosures. [...]
February 22nd, 2008 at 11:15 pm
[...] Michigan Foreclosures Rise to High Levels in 2007, Aided By Soaring Number of Detroit Foreclosure Ho…The statistics for Michigan foreclosures received a huge boost from the Detroit metropolitan area during 2007, new reports indicate. Detroit foreclosures rose more than 107% between December of 2006 and December of 2007, worsening the city and the state’s already worrisome foreclosure crisis. Michigan foreclosure homes rates have consistently been among the top 5 states in the nation over the past few years, and 2007 secured it as one of the worst areas in the country for home foreclosures. [...]
February 28th, 2008 at 1:44 pm
[...] Michigan Foreclosures Rise to High Levels in 2007, Aided By Soaring Number of Detroit Foreclosure Ho…The statistics for Michigan foreclosures received a huge boost from the Detroit metropolitan area during 2007, new reports indicate. Detroit foreclosures rose more than 107% between December of 2006 and December of 2007, worsening the city and the state’s already worrisome foreclosure crisis. Michigan foreclosure homes rates have consistently been among the top 5 states in the nation over the past few years, and 2007 secured it as one of the worst areas in the country for home foreclosures. [...]
May 23rd, 2008 at 12:26 pm
[...] Michigan Foreclosures Rise to High Levels in 2007, Aided By Soaring Number of Detroit Foreclosure Ho… [...]