Northern Michigan Foreclosure Update
Today I was reading the magazine REO Insider and found that Michigan is ranked number 5 as of April 2010 with foreclosure filings. Out of the fifty states Vermont has the lowest ranking. Unemployment is not the only reason for most states foreclosure filings, but it is the largest contributing factor in most states. In front of Michigan is Nevada as number 1 with unemployment at 13%, Arizona number 2 with unemployment at 9.2%, Florida number 3 with unemployment at 11.9%, and California number 4 with unemployment at 12.5 %. For our discussion Michigan has an unemployment rate of of 14.3 %
What is happening in Michigan’s northern area is what is of interest to me and how it will effect you and your life and family. After reading this article feel free to call me for details on your market area.
Buyer’s will continue to experience great opportunities to invest OR buy their first homestead OR buy up to the next size home OR buy that recreational property you have been dreaming of.
For the investor, your money has more buying power now than leaving your money in the bank, and with property taxes falling it makes sense to buy not to mention the great interest rates for mortgages!
For the first time home buyer you should take advantage of the First Time Home Buyer Tax Credit. Be sure you have a sales contract accepted by April 30th and you close the deal by June 30th 2010.
For the buying up or called trading up, the buyer should keep in mind that taking less for your present home is easier to handle because the property that you will buy as a replacement will probably be less to purchase with the present market downturn.
I would not wait to long to jump into the market. Mortgage rates are at historical lows and may not remain this low.
Information contained herein is not guaranteed and is subject to change without notice.
Ken Carlson Realty knows about Northern Michigan foreclosures. We can help you understand more about foreclosure and answer questions you may have. If you would like to talk to Ken about Northern Michigan foreclosures or any other real estate issue in Northern Michigan, we invite you to call today at 1.989.240.0970.
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