The Foreclosure Report

Mass Auction In 'Auto-Wreck' State

CNN reports on auctions in Michigan. "More than 250 bank-owned single-family homes, condos and duplexes in Michigan are going to hit the auction block en masse in late September, according to the company handling the auction."

"The state's housing markets have been crushed by lay-offs in the auto industry. On Monday, Ford was reported to be eyeing another round of cuts in its workforce. It has left many homeowners unable to keep up their house payments and lenders have built a big inventory of repossessed properties."

"Dave Webb reports that the majority of the 250 Michigan properties primed for auction, about 150 in all, lie within 60 miles of Detroit. The rest are scattered throughout the state The estimated prices run the gamut, from $15,000 to $450,000."

"According to the Office of Federal Housing Enterprise Oversight, of the bottom performing 20 metropolitan area housing markets in the United States, eight are in Michigan, and 17 are in the Midwest in other so-called 'auto-wreck states.'"

posted by Ben Jones @ 7:08 AM