Detroit Pre-Foreclosures Climb 5% in February 2012; Buying Seen as Better Value Than Renting U.S. housing market watchdog Default Research, Inc., an aggregator of pre-foreclosure data, reports that Detroit-area Notices of Trustee Sales published in February 2012 rose to 1,751, up from 1,650 i
BigNews.Biz - May 01,2012 - Mount Pleasant, PA, US, May 01, 2012 -- U.S. housing market watchdog Default Research, Inc (www.defaultresearch.com)., an aggregator of pre-foreclosure data, reports that Detroit-area Notices of Trustee Sales published in February 2012 rose to 1,751, up from 1,650 in February 2011, an increase of 5.3%.
The metro Detroit real estate market, which includes Macomb, Oakland and Wayne Counties, has been Ground Zero in Michigan’s real estate crisis. Notices of Trustee Sales figures compiled by Default Research show that Oakland County bore the brunt of the increased pre-foreclosure activity, an increase of 37 (7.8%); Wayne County, an increase of 52 (+5.8%); Macomb County, an increase of 12 (+3.1%).
Default Research, Inc. Vice-President Burt Cooper cautions against reading too much into these numbers. “While these numbers show a momentary snapshot into Detroit pre-foreclosure activity, they only tell part of the story,” Cooper said. “It’s crucial to note that inventories are falling dramatically, and prices are rising. These are better overall barometers of market health -- and by these measures -- the Detroit housing market is vastly improved.”
Cooper said that two groups stand to benefit from improvement in Detroit’s housing market: those in the market for a home in which to live, and real estate investors.
“Prices in Detroit fell far and fast. Investors are able to tap into historically low real estate prices and reap the rewards of buy and hold investing strategies,” Cooper said. “The least common denominator in Detroit is value, and there’s real value in owning. The same goes for anyone looking for a primary residence.”
Cooper said the Detroit-area has much less real estate on hand today than it did a year ago, “so it’ll be interesting to see whether investors get these properties, or if regular homebuyers are able to scoop up value-priced real estate before the best deals are gone.”
Requests for interviews or additional information are welcome. Default Research compiles pre foreclosure statistics in multiple states and counties. Additional information can be found at market.defaultresearch.com.
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