The Foreclosure Report

New Homes Auctioned In Michigan

The Oakland Press from Michigan. "Chicago builder Neumann Homes Inc., facing the sluggish metro Detroit housing market, has hired a real estate auction house to sell 85 metro Detroit properties. Benj. E. Sherman & Sons, also based in Chicago, will have a Nov. 19 auction to se 23 single-family homes, 22 condominiums and 40 home sites throughout the market."

"'We have experienced the same slowdown that other builders have experienced throughout the country,' said Neumann Detroit division president Laurie Tarver. 'The auction will also allow us to reduce our inventory of residential home sites to comply with our company-mandated three-year supply. Historically, we have not offered home site our communities to residential buyers, so this is a special opportunity for the buying public.'"

"Properties in Rochester Hills, Novi, Clarkston, Milford, South Lyon, Pontiac, Lake Orion, Southfield and Highland Township will be offered."

"'The auction will be a wonderful opportunity for residential buyers to purchase a quality home, condominium or residential home site in some of the most desirable neighborhoods in metro Detroit at substantially discounted prices,' said Robert Roggeveen, president of the auction house's Auction Services Group. 'Many of the properties will be offered on an absolute basis, regardless of price, or with low minimum bids.'"

"In Oakland County, builders were issued 1,548 permits from January through August this year. That's down 50.1 percent from the 3,105 permits builders received in the same period in 2005. For metro Detroit's ninecounty region, permits declined 46.2 percent, to 7,429 in the January through August period this year, versus the 13,815 permits issued in that stretch a year earlier."

posted by Ben Jones @ 3:29 PM