Detroit Real Estate

Yes Bank of America is going to resume foreclosing homes and I am sure the other banks as soon to follow suit.  This really hasn't affect the Metro Detroit real estate market because after the bank foreclosures on a house the homeowner has six months to redeem the property.  

So we would not feel the effect of a foreclosure freeze until 6 months from now.  So this short foreclosure freeze did not slow any Metro Detroit foreclosures from hitting the market.  I don't think any of us will even notice any shortage 6 months from now.

Over all Metro Detroit foreclosures are down from 2008 and 2009.  We are seeing more short sales taking place.  Not what you are seeing is more foreclosures happening when the bank refuses to do the short sale.  Many metro Detroit homeowners are trying to short sale the home before they let it go to foreclosure.  

So the bottom line is that the Bank of America foreclosure freeze will have no or little effect on the Metro Detroit real estate market.  

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