As Banks take over more and more properties in Mid-Michigan they will seek to sell them as fast as they can at what ever price they can get. This increased supply with low demand has slowed our housing market currently. It will continue to slow down, until we see one of two things happen: Either demand rises (job creation – an inflow of residents) or supply decreases (homes are purchased quickly and taken off the market).

In 2008, one of our Goals at Cornerstone Home Loans is to assist our clients, Real Estate Agents and banks to take 300 REO homes off the market. Our upcoming seminar has 15 minutes devoted to how to get this done with great profit to those who participate. If you are interested in learning how you can be a part of this effort, join us on the 17th and then schedule time to meet with Evan Vanderwey- he will assist you in determining how you can increase your net worth in this opportunity market.

REO stands for “Real Estate Owned”. For a bank to have Real Estate Owned means that they took over property, mostly due to the fact that these days they are foreclosing on more properties. Banks never want to hold real estate, they always unload it and because they are generally publicly traded companies, they would like to get most of that done in the calendar year of 2008 so they have a clean 2009. What does this mean for you? There will be more REO’s on the market that Banks wand to unload in the next 12 to 18 months than ever before in Michigan.What kind of impact can 300 homes have in our area?When ever you decrease supply of anything, the prices rise. So any little bit helps. In Michigan, if we can reduce REO the volume by 10% buy helping people purchase them and take them off the market, then we will increase values.