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Michigan stands apart from other states. In that Michigan foreclosures may be rising, yet action uncommon to other states has been put in place to slow these proceedings. Our Sheriff has authority to halt the foreclosure procedures in Michigan until families have exhausted their resources.
Michigan residents have every right to find ways to keep their homes. Sadly, no one looks at the overall picture; rather they look at the negative. Some of the most promising families have paid their mortgage for five-years on time, and suddenly jobs are lost and they lose their homes. No one ever looks at the positive, i.e. these families are good people who paid at one time. Despite of their good, Michigan foreclosures is keeping pace with many of the other states.
In some areas around Michigan, the stock is high. There are 3-bedroom homes for sale in compromising neighborhoods. Some of those homes are on the market now and you can buy them from the owners for $79,000. Two-bedroom homes, townhouses, and other homes are sold every day in Michigan. In the first quarter of 2009, Michigan foreclosure rate was 1 in 136 homes, which is a 12% jump from the rate recorded in the first quarter of 2008.
More affordable homes are available in different areas of Michigan. If you are searching for property now is the time to get started. Not only are homes being sold in this area, but rented as well. People are just packing up their things and heading toward areas that are more promising.
In fact, Dowagiac, Michigan just lost two of its leading factories recently. There is a high in unemployment rate, which is pushing people to move to better locations. Yet, Bronson is expecting to expand their hospitals to this area and a research center will be going up soon, which will bring people from all over the country to our area.
Thus, real estate is good right now, or ripe for the taking, but later investors may not have the same opportunities as they will have right now. Now is the time to invest in foreclosures. Wayne County, Detroit, Dowagiac, Calhoun, and various other areas in Michigan have a long list of foreclosures.
Wayne County and Detroit are other areas where the Michigan foreclosure listings are escalating. Detroit in particular is experiencing higher than usual rates of foreclosures this year. Yet, many of the homes are located in parts of Detroit that scares people away, thus investors are moving to other locations to find foreclosures.
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