18,000 homes in Michigan in foreclosure

MID-MICHIGAN (WJRT) -- (02/04/08)--Right now, there's nearly 18,000 homes in Michigan in foreclosure. That figure is from foreclosure.com.

There's cars, tools and tons of other things banks have had to take back, too. For people looking to buy, this is not bad news, although everyone we spoke with agrees it would be better if this was not the case.

But it is, and for those on the buying end, now's the best time to do so.

Take foreclosed homes, for example. Michigan has one of the highest rates in the country. A realtor we spoke with says the number grows daily.

If you couldn't buy a home before, now is the time to start looking. Interest rates are better then they've been and there's plenty of homes to pick from.

Buying a foreclosed home, some might say, is making the best out of a bad situation.

"The negative is that someone is losing their home," said realtor Shane Adams. "What we are doing is taking the inventory and putting it on the market (and) pricing it at an aggressive price.

"And there are new people purchasing these foreclosed homes that are getting good buys on them, but obviously when a new buyer does purchase one of these homes, they're going to improve the home and they're going to have good equity in that house."

For more information on how to bid on repossessed items via online auctions, click here. You can also call 1-800-LASTBID.