Repos On The Increase In Livingston

Posted on May 12, 2008
Filed Under Repos |

Again last month Livingston County had to suffer the pain of another bout of repos increase. The numbers jumped from 120 in March to 131 in April. Thus foreclosures are on the increase in Livingston by 87% from the previous year according to Sally Reynolds, Register of Deeds. She points to the files piling up on her desk. It is steadily increasing each month. Some relief in the monotony is when news about short sales trickles in. A short sale takes place when the property is sold for less than the loan amount.

In adjacent Washtenaw County 145 houses were set up for court auction. It is double the number of the previous year and a jump of 18% from March. Usually houses are auctioned when the borrower trips in payment for at least three consecutive months.

Although the trend is bad news for the owners it is good for some investors in Livingston County. The recent trend in the market of falling prices is giving them an opportunity to snap up a deal. With 87 members, the Real Estate Investors Association of Livingston County is regularly investing in real estate hoping for future profits. Cathy Blight of REIA says that the iron is hot and this is the right time for investors and first-time house buyers to strike it. Prices of houses are at an all time low. Since the last 34 years she has not seen such a fall. Now in every street corner there is a deal ready to be snapped up. Blight works for The Michigan Group. She says that there are bumps for the buyer because in the soft economy the lenders are not willing to advance loans. One has to have really good credit to be sanctioned a mortgage loan. Blight speculates that the market will most probably turn around after another three years. Those who invested today will be happy tomorrow. Everything depends on when foreclosures will start to retreat.

Fran Thornell of The Michigan Group sends out a warning that people must be very cautious about investments and not rush into it. Groups like the REIA guides the novice buyers as well as those house owners who cannot sell their house. Members joining this group are an assorted lot coming from all walks of life. Some are experts in certain kinds of property. One does not necessarily have to be a property owner to belong to this group.