Michigan’s Foreclosure Landscape in 2024: Realtors and Buyers in a Changing Market
The State of Michigan is generally managing foreclosure proceedings well. Compared to the previous year, foreclosures have increased by 11.5%, with this percentage mainly affecting large cities like Detroit and Warren, all amidst a difficult economic landscape at the national level.
What is really worrying the State of Michigan is the exponential rise in pre-foreclosures. This is because notices of defaults have increased, and in order to avoid a full foreclosure process, homeowners are stepping forward to avoid the entire process.
The national economy is not at its best and is beginning to be reflected in the real estate sector. High interest rates and rising unemployment are causing homeowners to be unable to meet new challenges and are entering the database of defaulters on their obligations. Even when attempts are made to refinance the debt, new credit regulations do not allow this to be a solution.
In the face of this problem, the local government offers accompaniment and specialized counseling programs for homeowners who are behind on their mortgage payments. There are also non-profit organizations that provide legal assistance.
Michigan is not exempt from the national problem of the increase in foreclosure proceedings, but it is trying to minimize the impact through financial assistance policies, legal advice, and affordable housing developments. And despite the challenging nature of the foreclosure process at this time for homeowners, investors continue to see opportunities, especially in pre-foreclosure properties.
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