Real Estate Pros Articles
Despite the continued increase in Detroit foreclosure auctions, high rate of unemployment and image problems, a big portion of Detroit residents still love living in the city.
A survey conducted by Intellitrends showed that 50 percent of residents of Detroit and other areas of Southeast Michigan love living where they are and 91 percent of them believe that Southeast Michigan has been portrayed negatively by media practitioners.
Additionally, 51 percent of people who have moved to Detroit said they found what they were looking for and that their expectations were met. A whopping 31 percent even said that what they are experiencing as new residents exceeded their expectations.
With these positive feelings about Detroit, investors planning to buy properties through auctions for sale in the city and then resell them at a profit in a few years would likely achieve their investment goals as there are a lot of people still believing in the ultimate recovery of Detroit.
In the third quarter, the number of residential properties that were repossessed through Detroit foreclosure auctions and properties notified of pre-foreclosures increased year-over-year by 48 percent to a total of 13,192 units.
Similarly, the number of properties taken back by lenders through public home auctions in Michigan and properties notified of pre-foreclosures in the first quarter increased by nearly 11 percent to 45,732 units. Of these units, a total of 18,604 units became bank owned homes.
On the whole, real estate investors and home buyers planning to profit from properties listed for Detroit foreclosure auctions are right on track, as there are still a lot of people confident about the recovery of Detroit.