As lenders drastically slash prices of foreclosed units, the neighbouring houses too become undervalued leading to a bonanza for buyers. And from out of the dark wombs of foreclosure new hope is born as many can buy affordable houses. Moreover with sales picking up, the real estate market shows possibility of getting back on its [...]
One can hear the clink of the sword – it is expected to be brandished any moment. The Bush administration has come to an understanding with jumbo lenders and a freeze will be announced for five years. These are the lines of expectation. No details are as yet available.
The reaction to the news in Detroit [...]
The local and state governments will be gathering down for the budget session for the fiscal years 2008-09. But they are in a tizzy and huddling together over the newsbreak that foreclosures will soon seep into the smaller communities. This will worsen the situation with another 1.4 million houses being caught in the foreclosure net. [...]
In the Michigan real estate business the top option by many home buyers is to go in for Michigan foreclosed homes. This is based on sound reasoning that the Michigan foreclosure process is caused by many eventualities, namely bankruptcy, financial strain, death of house owner or shifting of residence to another place and the [...]
According to a survey in 2006 Detroit recorded the highest high-cost mortgages in the previous year. A community activist organization, Acorn, has been studying in depth the fall out of mortgages. They have concluded that relatively more Afro-American and Hispanic borrowers have been victims of high-cost mortgage schemes in comparison to the whites. Thus more [...]
What Danielle faced could happen to anybody. There were the usual expenditures, the caring of four children and mortgage dues of $1,162 per month. She was pulling along but things came to a head when she lost her job. Two years ago she had bought the house on loan in Detroit. But now it was [...]
Patrician Jennings is in a fix. The sword of foreclosure is hanging over her head – about to fall. Unemployed she is late by three months on her mortgage installments for her house in Pontiac, Michigan. Desperate she hung a signboard “For Sale by Owner”. Then did the next wise thing – attended a seminar [...]
Detroit is the seat of Wayne county. The boundary between USA and Canada passes through the American Heritage site of the Detroit River which is about 32 miles (51 km) long and 0.5 to 2.5 miles (1–4 km) wide . The name if Detroit comes from the French Rivière du Détroit, or [...]
