Detroit Real Estate

The reasons there are so few Metro Detroit foreclosures in Michigan are because:

1.) Banks are trying to work out solutions with current Metro Detroit home owners and renters.  I have heard stories of renters being able to continue renting the foreclosed property for up to a year later.  So instead of being sold as a foreclosure the renters are getting a chance to buy them or a few home owners are being able to work it out. 

2.) Some banks have merged with other banks.  Bank of America has gobbled up Countrywide.  Wells Fargo has swallowed up other banks.  But in this merger mania has come confusion.  I personally know somebody that has a Countrywide loan that has not been foreclosed on after 2 years.  He has lived in the house for 2 years free!  Some banks I think don't have a clue where the properties paperwork is at.  Which trust holds it.  So if they can't figure out the title work they are not putting it on the market. 

3.) Many Metro Detroit foreclosure properties have come to the market slowly because of Jennifer Granholm's moratorium on foreclosures, and Fannie Mae's moratorium on foreclosures.  It basically gave many foreclosures another 6 months of being in limbo. 

4.)  There I believe is a slowing in the number of Metro Detroit Michigan foreclosures. 

It wasn't unusual for most Metro Detroit Michigan suburbs to have 10 -20 foreclosures.  Now some cities have less than 5.  So don't sit back and wait for just foreclosures.  Look at everything in your price range.  Sometimes the Metro Detroit short sales are good deals if you have the patience.

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