High Detroit Bank Foreclosures Spell Great Opportunities for Real Estate Buyers

by Peter Vernon on cities

As of June 2007, Detroit is placed high up due to very high numbers of Detroit bank foreclosures. Almost one out of every 500 households in Michigan State has been succumbing to foreclosure. Over hundreds of Michigan bank foreclosures on the real estate market offer property buyers and investors with a high profitable opportunity.

Detroit or Motor City or Motown is the largest city in Michigan’s Wayne County and the 10th largest in America. With a median household income of $29, 526, Detroit is popularly known as the international automotive center in the world. Today, Detroit bank foreclosures are as much as reality as the slowdown of the motor industry in the city.

Three of the biggest automobile giants namely Ford Motors, DaimlerChrysler and General Motors are headquartered in Detroit, and have been providing employment opportunities to thousands of people. But the foreclosure rates have seen a dramatic rise over the past few years with the economy of Detroit city in a tailspin due to high unemployment rates, highest in America actually! Numerous bank foreclosures are being put up for sale every month if the foreclosure listings in the newspapers and Internet are any indication. The owners of the homes are no longer able to pay their monthly mortgage installments due to loss of job, lack of monetary aid and mounting expenses.

Vast population and lack of proper employment opportunities have forced many homeowners to put up their homes on sale and move out of state in search of better options. Now repo homes in Detroit spell fantastic opportunity for investors, buyers and real estate agents. Aside from bringing instant equity, these bank foreclosures can be used for rental purposes or even fixer uppers translating into substantial profit. But in order to take advantage you must buy Detroit bank foreclosures as only this guarantees profit!