Getting ready for the new Metro Detroit foreclosures coming

By
Real Estate Agent with Real Estate One 6501304423

Yes there are going to be quite a few new Metro Detroit foreclosures coming.  Between the moratorium that President Obama put on foreclosures and the moratorium that Governor Granholm put on them we don't have many Metro Detroit foreclosures right now.  Plus Fannie Mae the quasi government middle man is under going some procedure changes.  So some homes have been pulled off the market.

Even the big foreclosure real estate agents have a small inventory.  What has happened is that the moratoriums did not end until May.  So it takes us here in Michigan 6 months longer because of the homeowner redemption period.  So we may see a lot of new foreclosures hitting the Metro Detroit real estate market in December and January.

I hear that there are about 4000 that are about to hit.  But I don't think anybody really knows how many Metro Detroit foreclosures that will hit the market soon.

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Comments (2)

Kathryn Acciari
Arc Home LLC - Shrewsbury, MA
Relationship Manager/Mortgage Loan Originator

Russ, 2010 will certainly be an interesting year for us, won't it?

Dec 03, 2009 04:57 AM
Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo

yes they look so nice but Foreclosures are such tough on to stomach.

Nov 05, 2011 04:17 AM