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« JPMorgan Real Estate Fund Gains From Record REIT Acquisitions | Main | Once Locked Out by High Prices, Aspiring Buyers Now Find Reason for Hope »

Auction To Unload New Condos, Homes

"In a dramatic sign of southeast Michigan's lagging housing market, properties with opening bids as low as $30,000 will be offered in the largest-ever auction of its kind in Michigan. Neumann Homes, one of the nation's largest homebuilders, says Michigan's sagging economy -- with the nation's highest unemployment rate and job cuts at Detroit's automakers -- has saddled them with excess inventories and limited options to make a profit or merely break even."

» Search RealEstate-Specific Tags: Home Auctions - Neumann Homes - Housing Market
» Detroit Free Press

Posted at 02:20 PM |

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