More Than 250 Homes Hit Auction Block in Michigan
September 19, 2006
Never has there been a better time to take advantage of the buyer's real estate market in Michigan. More than 250 single family homes, condominiums, and duplexes will hit the auction block at multiple sites throughout the state from September 25-October 1, 2006. About 130 properties are located in the Detroit and surrounding area. Valued from $15,000-$450,000, these properties are bargains for first time home buyers and investors alike. Buyers will also have the unique opportunity to participate in the auction online.
Rising interest rates and the rapid climb in variable rate mortgages has led to a softening real estate market and a surge in foreclosures. Several of the country's largest lending institution's hired Hudson & Marshall, based in Dallas, Texas, to swiftly auction the properties to recover unpaid loans. Sellers will pay for and provide title insurance for every property, ensuring titles are clear with no back taxes, liens, or encumbrances.
"For both investors and owner occupants, this real estate auction is a win, win proposition. Buyers get the opportunity to purchase great value properties at reduced prices without the hassles of the seller negotiation process," said Dave Webb, principal, Hudson & Marshall Inc. "Having auctioned over 30,000 homes in the past seven years, Hudson & Marshall has the experience to make the process simple and easy for buyers. We allow time for buyers to preview properties prior to auction and help them through the entire closing process," added Webb.
According to the Realtytrac(TM) July 2006 Foreclosure Market Report, 92,845 properties nationwide entered some form of foreclosure during July, an 18% increase from the same time last year. Michigan along with Texas, Florida, California, Ohio and Illinois had the most foreclosures in July, accounting for 54% of the nation's total.
Source: Hudson & Marshall of Texas Inc.