The Sub-prime Mortgages Are Being Blamed for The Swelling Numbers of Michigan Repo Houses

The state of Michigan has been named after Lake Michigan. In the entire world it has the longest fresh water shoreline. The state is bound by four of the five great lakes as also by Lake Saint Clair. Michigan has 12,000 inland lakes. Nobody is more than six miles away from a water body in Michigan. Unfortunately today there are so many Michigan repo houses that it can be said that nobody is far from a vacant foreclosed house in this state.

Michigan consists of two peninsulas that are joined by Mackinac Bridge. There is a belief that trolls live under the south section of the bridge and who knows these spirits are behind the story of Michigan repo houses! Otherwise is it difficult to explain why so many Michigan repo houses should lay siege to the state.

By Michigan repo houses is meant those houses that have been repossessed by the banks after being foreclosed upon. The sub-prime mortgages are being blamed for the swelling numbers of Michigan repo houses. Michigan repo houses are a cause of concern to the neighbourhood. The banks are usually the owners of the Michigan repo houses. With so many Michigan repo houses in the market the banks are having difficulty in selling these off despite offering heavy discounts. Most of the Michigan repo houses are in a sorry state of disrepair. This is because of the previous owners of these Michigan repo houses have left with a feeling of frustration and have often vented their anger by damaging the houses they were being forced to leave. Secondly even if all the ex-owners of Michigan repo houses did not stoop so low, they did not have the financial capacity to tend to the essential repairing of the Michigan repo houses. Thirdly the banks do not have the infrastructure to deal with so many Michigan repo houses and as such these have been lying fallow for a long time. This has allowed Mother Nature to take over the Michigan repo houses with her denizens – termites, rodents, vandals and mosquitoes breeding disease in stagnant pools. Michigan repo houses in this derelict and dangerous condition are bringing down the value of other adjacent houses.

August has brought good news for Michigan. Foreclosure filings have dropped by 13% from the previous year and the sales of houses have gone up by 12% in the Detroit region. In August 2008 Michigan ranked fourth in the country with a total of 13,605 foreclosure filings. In August 2007 the number was 15,567. These numbers are inclusive of all the stages of foreclosure including default and auction notice and bank repossessions. Despite the good figures it as yet too early to say if the foreclosure crisis is now turning around. The foreclosure and sales pattern in Michigan is rather erratic from one month to another. It has yet to be analyzed whether the change has been caused because of artificial measures undertaken by lenders under government and public pressure.

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