| State of Michigan bank owned real
estate, foreclosure auctions and bank home listings. Michigan is the 8th
most populated state with nearly 10,000,000 residents. Th capital of Michigan
is Lansing. Among the major cities in Michigan where foreclosures, bank
owned real estate and aution properties can be found are Detroit, Grand
Rapids, Warren, Flint, Sterling Heights, Lansing, Ann Arbor, Livonia, Dearborn
and Westland Michigan.
Michigan's foreclosure and bank auction
activity propelled that states foreclosure rate to second highest among
the states. Michigan recently reported 11,000+ new foreclosure filings,
a foreclosure rate of one new foreclosure filing for every 366 households.
The state's foreclosure total was the fourth highest reported by any state
and more than twice the number reported in January 2006. This has resulted
with a growing number of auctions and bank owned real estate foreclosures
on the Michigan market.
There are many reasons that Michigan
has realized high foreclosure rates, including inflated appraisals for
refinances and home equity loans, and not having to put money down on mortgages
allowed people to get loans who probably shouldn't have. Refinancing houses
for up to 125 percent of their value to get extra cash to pay off credit
card debt have contributed to the problem. Locate bank owned real estate
in Michigan, foreclosure auctions and foreclosure listings, by using the
links, tools and resources on Bank Owned MLS real estate.
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