MI: Mass Foreclosure Auction Scheduled
Recent layoffs in the auto industry have crushed the real estate market in Michigan. No where is that more evident than in an upcoming auction where over 250 bank-owned single-family homes, condos and duplexes are going to hit the auction block en masse in late September. About 150 of those 250 homes lie within a 60 mile radius of Detroit.
According to RealtyTrac, more than 92,000 homes entered into some stage of foreclosure nationwide in July. Michigan was one of the hardest hit of all the states, with a 25 percent spike from a year earlier.
The estimated prices at auction range from $15,000 upward to $450,000. Sellers are providing and paying for title insurance on all properties so buyers can be confident that the property should come to them free of back taxes, liens or other encumberances. To see the homes or place bids online go to www.hudsonandmarshall.com.