| With the economy in a downturn and Americans | | | | auction. |
| becoming increasingly more worried about just how | | | | And the market for Detroit bank foreclosures is |
| far their dollars will go in the coming years, it makes | | | | simply booming. Michigan was the states hardest hit |
| sense that many would think twice before buying a | | | | by the nationwide surge in foreclosures last year, and |
| new home. It seems like all we ever hear about is | | | | Detroit made up for a huge portion of the overall |
| the housing market plunge, low property values and | | | | foreclosure inventory. The first month of the year |
| the impending effects it will have on the possible | | | | saw an immediate surge, as from December to |
| recession we are facing. However, out of this mess, | | | | January, the number of foreclosures in the metro |
| one of the best opportunities for would be | | | | Detroit area grew 40%. |
| homebuyers has ironically arisen, and that's Detroit | | | | With this trend expected to continue well into 2008, |
| bank foreclosures. | | | | local buyers would be wise to start looking into |
| Detroit bank foreclosures aren't traditional types of | | | | buying Detroit bank foreclosures if they're considering |
| real estate. They're sold off by bank lenders looking | | | | buying new homes, as they may be the only sure |
| to collect on an unpaid debt owed by a previous | | | | bet for value the market has right now. Finding |
| homeowner. However, most of these properties for | | | | listings with a service such as is an excellent place to |
| far less through these foreclosure sales than they | | | | start, as they provide quality, updated listings as well |
| ever would at open market. In fact, most buyers | | | | as advice for buyers on finding the right deals and |
| end up savings anywhere from10 to 50% on Detroit | | | | best values. |
| bank foreclosures, simply because they're sold at | | | | |