subject: Michigans Cheap Foreclosed Homes Soar High In The Market [print this page] Each year, more than a million distressed properties are being sold in the market. With the more than 1,045,801 precluded houses, default notices, auction sales, and bank repossession notices in the country, foreclosure is considered an opportunity to find great investment deals.
According to Dr. Stan Humphries, Zillows chief economist, economic recession has profoundly impacted the real estate industry. In fact, home values in the United States declined by 8.2 percent in 2011. In spite of the present economic situation, the real estate industry has improved with more than 5,949 filed foreclosure lawsuits during the first nine months of 2012.
The unpredictable economic trend and other inevitable circumstances; however, should not obstruct our desire to acquire our own dwellings. Well, theres good news for you! One of the greatest deals that real estate offers is cheap foreclosed homes. Foreclosure happens when a property owner can no longer settle or pay the principal and/or interest on the payment of a mortgage and is forced to have his/her property sold.
Over the years, Michigan is among the states that experienced slow foreclosure activity during the first quarter, a decrease of 25.5 percent than the filings reported in 2011. But despite the unpredictable changes, Michigan still has the nations 7th highest foreclosure rate of 1 out of every 162 houses. It is one of the top states where potential homebuyers can find great deals. Foreclosed properties are 10-15 percent cheaper than the market value.
The real estate market in Michigan has different precluded properties such as tax sale properties, auction homes, and REO (real estate owned) houses providing potential buyers with a wide array of great foreclosed deals. As the 8th largest state by population with strong consumer market and extremely affordable prices, it is not surprising that it is among the top choices of property investors. Moreover, real estate analysts projected that the number of bank and federal precluded houses will continue to increase for the rest of the year.
Although owning a house is an intimidating and tedious process, its benefits greatly make up for its drawbacks. With this, it isnt surprising why most people prefer distressed properties over brand new ones. Besides the opportunity of obtaining a property at a low price, the experience also improves ones financial outlook in life because a house can also be an investment vehicle.
Looking for great real estate deals?
Equipped with a comprehensive and updated database of cheap foreclosed homes in the United States, Foreclosuremagic.com is a membership service that you can consult. It enables you to find, locate, and invest on distressed properties and achieve your goal of acquiring your own property.
