Post Number: 207
|Posted on Tuesday, November 27, 2007 - 1:51 pm: || |
Both the News and the Freep have searchable databases up today showing foreclosures in Metro Detroit:
http://www.freep.com/apps/pbcs .dll/article?AID=/20071123/NEW S05/71124001
http://info.detnews.com/redesi gn/projects/foreclose/index.cf m
I just searched my own census tract on the News site and it's horrible. There are five foreclosed homes on my block alone, and on the next block over it looks like EVERY house is going belly-up. Even the wealthier areas I searched in Grosse Pointe and the Bloomies are full of pins.
I read recently in Time that a house loses 1% of its value for every foreclosure within 1/8 mile. There are 255 in my census tract, which I estimate to be 1 square mile. Meaning my house, which appraised for $140,000 three years ago, is worth a negative amount now.
Man, that just ruined my day.
Post Number: 14
|Posted on Tuesday, November 27, 2007 - 1:58 pm: || |
Don't worry, your house is actually worth (0.99 ^ 255) * $140,000, or roughly $10,000.
Post Number: 208
|Posted on Tuesday, November 27, 2007 - 2:05 pm: || |
Oh, that makes it all better. Thanks.
Post Number: 3851
|Posted on Tuesday, November 27, 2007 - 2:12 pm: || |
That's a bummer. 189 forclosures in Ferndale. Only one on my street, I guess that's good, it's a long street.
Post Number: 15
|Posted on Tuesday, November 27, 2007 - 2:19 pm: || |
Sorry to make a joke of your home value. Thankfully I live in a modest neighborhood filled with old homeowners, so I've only got 55 foreclosures in my tract. (OUCH!)
Post Number: 27
|Posted on Tuesday, November 27, 2007 - 2:20 pm: || |
Take all this info with a bit of caution. I too looked up foreclosed props in my neighborhood. The look-up allows you to see the homes that were foreclosed prior to 09/30/07 - when I looked up B-E -- 40 homes had supposedly been foreclosed -- however, when I went to the Wayne Co Treasurers website and looked up these same addresses, the owners had redeemed (paid the taxes at the last minute) and NONE WERE ACTUALLY FORECLOSED UPON. Remember, just cuz an address is on the list - the owners have a period of time to pay the taxes (interest and penalties) to stay off foreclosure.
I think in these hard times, some folks are putting off paying their taxes to the last minute. Just don't count them down for the count. I must admit -- I was relieved when I investigated further.
Post Number: 12
|Posted on Tuesday, November 27, 2007 - 2:30 pm: || |
I don't actually know why they call the properties on those lists foreclosures; maybe that is the technically correct term, but they are really just tax delinquencies, and as BErocks found out, the vast majority of them that are in viable areas will be paid before the properties get taken. Even if the property is in actual mortgage foreclosure, the lender will pay the taxes unless the property is completely unsaleable.
Post Number: 269
|Posted on Tuesday, November 27, 2007 - 2:45 pm: || |
How do I go about buying a foreclosed house in Birmingham and getting it for a steal?
Post Number: 209
|Posted on Tuesday, November 27, 2007 - 2:47 pm: || |
I just realized after reading further that the two databases are way different. The Freep's list is ONLY tax delinquencies; while the News' is tax AND bank delinquencies. Big difference, and it explains why the Freep's got a lot fewer listings (and probably why they have specific addresses, while the News only has the blocks).
So, in theory, some of the properties listed on the Freep site may be owned free and clear, but behind on their taxes.
The News' site is much better if you're trying to get an idea of how many houses could actually be vacant soon.
Post Number: 135
|Posted on Tuesday, November 27, 2007 - 2:51 pm: || |
These are "pre-foreclosures" and REO's from what I see... some of them are on the MLS, and some aren't...
It's not that accurate...
Post Number: 36
|Posted on Tuesday, November 27, 2007 - 2:53 pm: || |
Johnlodge-don't fret so much about the Ferndale numbers. I noticed that many of the foreclosures are listed multiple times (i'm presuming that this indicates foreclosure on both a 1st and 2nd mortgage.)
there is one on my block, which has been vacant for at least a year. but overall, i'm glad to see there weren't too many in my little corner of Ferndale (N of Woodward Hgts, E of Hilton)
Post Number: 3855
|Posted on Tuesday, November 27, 2007 - 2:54 pm: || |
I don't see many around Zim, and I walk around ALL the time. If anybody has been booted, I haven't noticed.
Post Number: 409
|Posted on Tuesday, November 27, 2007 - 4:40 pm: || |
Anyone know how to get the whole list for Detroit? They list Wayne County as the source, but I cannot find the original list on that site...
Post Number: 2958
|Posted on Tuesday, November 27, 2007 - 4:50 pm: || |
It was in Sunday's paper...it is in my recycling bin right now.
Post Number: 410
|Posted on Tuesday, November 27, 2007 - 5:00 pm: || |
I was hoping for a digital copy so that I could map it.
Post Number: 173
|Posted on Monday, December 03, 2007 - 1:02 pm: || |
I was reading the Tax Foreclosure list that was a supplement to Sunday's Free Press. Among the properties were 500 Temple (Masonic Temple) and 401 E. Congress (Saint Andrews). Also tons of lofts and condos from downtown (Woodward) to midtown (Crosswinds, Carleton, Suberstone, Milwaukee).
Post Number: 760
|Posted on Wednesday, December 12, 2007 - 3:01 pm: || |
Does anyone know the "real timeline" it takes for a person to stop paying, and the time the "Sheriff" gives them the boot.
There is a legal timeline then there is reality, I was wondering what it might be these days.
(ps: someone else not me)
Post Number: 974
|Posted on Wednesday, December 12, 2007 - 4:43 pm: || |
Most lenders won't initiate foreclosure proceedings until the borrower falls three months in arrears. It takes about 6-8 weeks for foreclosure notice and sale proceedings to play out. After the sale, borrower has 6 months to redeem the property, that is, pay the entire outstanding principal balance on the defaulted loan plus assorted fees including attorney fees. If you don't redeem, and if you still haven't moved out, the lender, or other purchaser at the foreclosure sale, has to go to landlord/tenant court to get an eviction order. That takes about 3 weeks. After that, the court bailiff can show up at any time and put your stuff on the curb. Total duration from first missed payment to picking up your underwear off the front lawn: about 1 year, maybe a little less.
Post Number: 313
|Posted on Wednesday, December 12, 2007 - 7:12 pm: || |
"i'm glad to see there weren't too many in my little corner of Ferndale (N of Woodward Hgts, E of Hilton)"
Thats nice to know. I'm on the other side of I75 (N. Of Heights) and the 3rd foreclosure just went on the market on my street alone. There are others that people lost ownership to for other reasons.
The problem with buying one is that they sit vacant for so long and the banks really don't care so they don't maintain them. Mold is a concern. They tend to need a bit of work. One down the street from me has fallen into such disrepair it is likely a teardown.
Anyway, glad to see Ferndales extention of the neighborhood isn't as bad in terms of bank evictions.