Keego Harbor Foreclosures as of 3-8-13
Keego Harbor is one of my favorite places live and work in. Currently, there are no foreclosures on the market listed with a Realtor which may be due to the extension of the Mortgage Forgiveness Debt Relief Act, which allows the forgiven debt on a short sale to not be taxed as income. This should help with the continued reduction in foreclosures and their impact on housing values.
Where have all the Metro Detroit foreclosures gone? There is a definite slowing down of foreclosures due to several reasons.
- Short sales – There are more short sales being completed so those homes never become Metro Detroit foreclosures.
- Sheriff sales – When a home in Michigan goes into foreclosure the first step is sheriff sale. Some homes are being sold to investors or being sold and redeemed out. So they have entered the foreclosure process but got sold before the bank took possession. So they are not sold as a foreclosures.
- Non- profits – Some banks and lending institutions are giving the Metro Detroit foreclosure to a non-profit. The non-profit is fixing up and reselling the home. The bank is getting a tax deduction for giving the home to the non-profit. So everybody makes out in this deal. A better home is on the market, and the home is off the bank’s books.
So not only is the amount of foreclosures going down but these three items are reducing the remaining number of foreclosures that are hitting the Metro Detroit real estate market.
If you have questions about Metro Detroit foreclosures or any other Real Estate question, feel free to give me a call or email me. My cell is (248) 310-6239 and my email YesMyRealtor@gmail.com.
Have a great day!
Do not let somebody else get the best home deals. Join my Foreclosure VIP club and get the newest lakefront foreclosures and the newest lakefront listings emailed to you daily.
Livonia foreclosure home listings sales statistics
Fixing the Detroit housing market
[wnt_grid keyid=”1″ title=”Foreclosures in Keego Harbor & Oakland County MI” maptype=”disabled” ownertype=”all” paginated=”true” sortoptions=”true” maxresults=”50″ /]