Tagged: foreclosure

Legislation introduced at the state Capitol aims to make it more difficult for land speculators to bid on foreclosure properties at tax auctions.

State Senator Tupac Hunter says the glut of foreclosure properties has created an environment ripe for speculators who buy properties to flip them, with no intention of improving them or paying taxes on them.

His legislation would set some restrictions on who can participate in auctions where tax-foreclosed properties are sold:

Detroit home prices posted sharp declines during the first 6 months of 2011, according to a new report.  And the decline is expected to continue during the next 6 months.  Clear Capital reports Detroit’s home sale prices were down 19.8% during the first half of the year compared to the first six months of 2010. 

Oakland and Ingham counties are suing mortgage giants Fannie Mae and Freddie Mac over millions of dollars in disputed tax revenues.

Michigan has something called the real estate transfer tax, and it’s paid by the seller when a property changes hands.

Fannie and Freddie have been unloading many of the homes that revert to them in foreclosure sales.

Oakland County Treasurer Andy Meisner says the companies are trying to have it both ways – getting the benefits of private companies, and the protections of government entities.

There's positive news about the nation's home prices, but that's not  the case in Detroit.  Data released by Clear Capital today suggests home sale prices nationally may be stabilizing.  Home prices lost ground through the winter months, and the latest data shows prices dropped by 2.3% in May.  

But the good news is prices being paid for repossessed homes nationally actually increased last month.   Foreclosed homes have been dragging down home sale prices, but that might be changing. 

Detroit’s home prices may soon take another tumble.  Standard & Poor’s Price-Shiller index says home prices in the nation’s 20 largest cities are falling once again.    Home prices in Detroit aren’t falling as fast as other cities in the survey, but then again Detroit’s home prices are already the lowest among the nation’s 20 largest cities.  

  Home prices in Detroit haven’t been this low since 1995.