13 Feb
Posted by Julia Redstone as Foreclosure
Among the top ten States of large number of foreclosure filings in the U.S. real estate market, the State of Michigan finds a place and Oakland county foreclosures top the numbers in Michigan Foreclosures. Understandably the Oakland county foreclosures lead other counties because of the dense population of this county by way of the employment potential. Oakland county consists of Detroit metropolitan area, the automobile city of fame in the U.S. nation. Home buyers can readily select Oakland county foreclosures for buying for unassailable reasons.
The properties listed for sale in the Oakland county foreclosures are varied with design, accommodation, comforts, conveniences and amenities of state-of-the-art styles. Marvelous mansions; classy cottages; stylish single family homes; expansive multi-family residences are all there under Oakland county foreclosures. This is because the home owners of these properties have forfeited them to the engulfing foreclosure epidemic plaguing the nation like Oakland county foreclosures as elsewhere.
There are 30 major cities in the Oakland County, apart from luxurious villages in large numbers and all of them have contributed their share to Oakland county foreclosures. So the home buyers interested in buying a dream property from out of Oakland county foreclosures are offered a very wide choice to select from. Whether it is from the wealthy cities of Birmingham; Bloomfield Hills; white-collar cities of Troy; Southfield; Farmington Hills; Auburn Hills; inner-ring suburbs of blue-color like Ferndale or the serene and quiet villages of Beverly Hills; Bingham Farms – the choice is theirs to choose out of Oakland county foreclosures. Wherever it is Oakland county foreclosures offer properties which can generate decent rental income or capital appreciation very quickly as also tax savings.
Statistically speaking, Michigan State has 91,251 foreclosure listings as on date. Oakland county foreclosures account for 18,078 properties in various stages of foreclosures. A majority of 7928 Oakland county foreclosure properties listed for sale are bank-owned, repossessed after not being sold through public auction of foreclosure sale. This segment of Oakland county foreclosures are with clean titles and encumbrance free of any previous and tax liens attached, as they are already wiped off. 1746 properties in Oakland county foreclosures are undergoing the pre-foreclosure period, where pre-sale inspection and direct negotiation with the distressed home owners is possible. Properties in Oakland county foreclosures numbering 1484 are waiting for sale through public auction.
As per latest sales figures, the average price of these Oakland county foreclosures is $92,670 as against the median sale price of regular open market prices of $145,853 for others. Therefore owning properties with profit of 38% is possible while buying Oakland county foreclosures.
