Opportunities in Surging Southfield Pre Foreclosures

on March 26 2010 9:27 AM

Detroit residents wanting to move to the suburbs or investors looking for opportunities can consider Southfield pre foreclosures, which spiked in February.

The number of Southfield foreclosure homes and units still in the foreclosure process soared in February, based on data from a California research firm.

In Oakland County, where Southfield is situated, foreclosure activity in February surged by a staggering 71 percent from filings in February 2009, far above the increase rate for foreclosures in Michigan, which was 59 percent. The increase rate for Oakland was also higher than the increase rate for nearby Macomb County, which was 53 percent, and for Wayne County, which was 69 percent.

Although Detroit has been the biggest contributor to overall Michigan foreclosure activity, the number of properties entering homes auctions in Southfield has also been contributing to statewide foreclosure records.

In February, more than 20,000 households in Michigan were notified their mortgages were already in the foreclosure process, a 14-percent jump from filings in January.

In January, Michigan posted a total of 17,547 filings, with the most foreclosures occurring in Wayne County, where Detroit is situated. Wayne posted more than 2,000 filings while the next biggest contributor, Oakland, posted nearly 1,000 filings, including Southfield pre foreclosures.

Macomb County posted 791 filings while Genesee and Kent counties posted 298 and 249 filings, respectively. Among the counties, Macomb posted the biggest foreclosure rate while Wayne posted the highest total.

Investors considering Southfield as an investment target can look at the proximity of Southfield to Detroit. The city itself is a fast growing city as it hosts over 9,000 business enterprises, including more than 100 companies that have made it to the Fortune 500 list.

Its Southfield Town Center, which consists of five skyscrapers, hosts many of these businesses and its acres of park land and fitness trails provide a great diversion for professionals and visitors.

Home prices are also favorable for investors and prospective home buyers. According to Rick Vincent, head of the Oakland County Equalization Department, home values fell sharpest in Southside, with a decrease rate of more than 28 percent. Countywide, the average drop was 15.5 percent.

An online real estate firm reported that prices in Southfield ranged from $46,163 to $72,733 in February, with resale houses dominating the market. Southfield pre foreclosures and completed foreclosures accounted for about one-third of the market.

 Author Resource:->  Original Post: Opportunities in Surging Southfield Pre Foreclosures on ForeclosureDeals.com.Article From Real Estate Pro Articles

More News from IBT MEDIA