Oakland County officials are saying that as prices continue to drop with the rest of the dismal local real estate market, investors are swooping in and snatching up foreclosed properties and turning them into rental properties.
According to The Oakland Press, the trend has some area residents and Realtors concerned.
Homeowners across Oakland County are concerned by the trend as more and more rental properties are popping up in their neighborhoods, said Kathi Moore, also a Realtor and one of Cousino’s colleagues.
“We, as Realtors, are doing far more leases than ever before,” Moore said. Homes have been foreclosed in every community, including affluent Bloomfield Hills and Birmingham, she said.
The news comes as The Detroit News reports a surge in Oakland County foreclosures, from 405 last June to 708 in June 2009. The entire Detroit metro area saw an increase in foreclosures, The News reports.
A recent Michigan Messenger report found counties across the state reporting varying foreclosure rates compared to last year.