Oakland County foreclosures
Currently there are 1299 Oakland County foreclosures as of 5/9/2009. Right now there seems to be a slow down in the amount of Oakland County bank owned properties coming to market. I believe we will still be seeing a lot of foreclosed homes in Oakland County MI in the next year. I believe we will see more high end homes go into foreclosure because of business owners companies going out of business. The metro Detroit economy will continue to influence Southeastern Michigan housing market.
I myself have a couple of friends that once had thriving businesses. They live in a $700,000 house and a $1,000,000 + home. But now they are struggling. Their incomes have dropped dramatically. If the economy doesn’t turn then they can’t afford their home. And they can’t sell their Metro Detroit homes for what they owe on them. So if it doesn’t change then those homes will become a bank owned foreclosure.
I hope and pray that the economy turns for their sake.
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Russ Ravary your Oakland County real estate agent
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