Firm Touts Auction of 300 Foreclosed Properties in Detroit
In a sign of continuing distress in the Detroit real estate market, real estate auctioneer Hudson & Marshall said today it will auction over 300 Detroit homes on January 20 and 21. All the foreclosed homes are owned by banks or financial lenders and come guaranteed with title insurance, according to the auction firm. "Real estate auctions accelerate the selling process, making it a win-win proposition for everyone. Motivated buyers and sellers come together in a competitive bidding environment that allows a property's true market value to emerge," said Dave Webb, principal at Hudson & Marshall. The Detroit metropolitan area continues to experience a surge in foreclosures, with metropolitan Detroit posting the nation's second highest foreclosure rate in November 2006. More than 3,000 properties entered some stage of foreclosure during the month. Hudson & Marshall is among the nation's largest auctioneers of foreclosed real estate, having sold over 40,000 properties for national lenders and asset management companies in the past eight years.