Whimore Lake, Michigan (PressExposure) March 30, 2009 -- As the Southeastern Michigan housing market continues its free-fall, a new industry (but old concept) has gained momentum in the wake of unprecedented number of homeowner foreclosures and evictions. Increasingly, these foreclosed properties are still filled the remnants of the previous owners, causing banks and investors to pay "cleanout" companies to clean and maintain the properties, so they can quickly be placed on the market and sold.
According to RealtyTrac Inc., Michigan ranked sixth nationwide for foreclosures with 12,564 filings in February, including nearly 5,000 bank repossessions And the Mortgage Bankers Association reports that 11.1% of all Michigan mortgages are delinquent and 3.7% of Michigan's mortgages are in foreclosure. In Michigan, 11.08% of nearly 1.48 million mortgages were at least 30 days past due but not yet in foreclosure, the group said.
With no end in sight to the foreclosure crisis here in Michigan, many local companies are entering the foreclosure preservation business. When Terry Cantu opened Foreclosure Cleanout PRO just four months ago, he figured cleaning foreclosed homes would be a good niche business with little overhead and a predictable schedule. These days there's nothing predictable about the real estate foreclosure market. The decision to grow the company has not been an easy one. "There's plenty of business out there--unfortunately for many--but it's still a business where clients expect timely, professional services. And because it's the "hot industry" of the moment, many unscrupulous vendors have entered the marketplace and caused a downward pricing pressure on foreclosure cleaning services." "But the cream usually rises to the top. We are committed to being the most professional and dependable cleaning and maintenance company in the region."
Foreclosure Cleanout PRO, LLC has introduced Livingston County's first professional foreclosure cleanout and maintenance program that services banks, realtors, and private investors throughout Southeastern Michigan.