Over 200 Foreclosed Homes Auctioned In Cities Throughout Michigan March 16th-20th

Hudson & Marshall Will Auction about 60 Homes in Detroit on March 20th

DETROIT, March 9 /PRNewswire-USNewswire/ -- Foreclosures continue to bloat the nation's housing market with excess inventory, driving down prices in hard hit states like Michigan to historic lows. This is good news for buyers and investors looking for bargains on homes. America's leading bank-owned real estate auction firm, Hudson & Marshall will auction over 200 foreclosed homes in cities throughout Michigan March 16th-20th.  About 60 homes will be auctioned in Detroit on March 20th.

Valued from as little as $3,000 to over $200,000, all the homes come with an insurable title, no back taxes or liens. Buyers will be required to make a cash or certified check deposit of $2,500 for each property which they are the winning bidder. While this is a reserve auction, where the seller has the right to accept, reject or counter any offer, several properties will be sold absolute to the highest bidder regardless of price.

"In today's down market, bargain hungry buyers are aggressively seeking distressed properties because they know they can get incredible deals on a wide range of homes," said Dave Webb, principal, Hudson & Marshall. "Another incentive driving up sales of foreclosed properties is the tax credit of $8,000 for first time homebuyers and $6,500 for repeat buyers. It expires in April so buyers thinking about purchasing homes shouldn't delay," added Webb.

According to the National Association of Realtors (NAR), distressed homes accounted for 38% of total home sales in January. Michigan remains one of the states with the highest number of foreclosures. RealtyTrac reported Michigan posted the fifth highest number of foreclosures among states in January with 17,574 properties receiving a foreclosure filing.

All homes being auctioned by Hudson & Marshall are sold "as-is" and buyers should inspect properties before placing any bids. Properties can be viewed during the open house March 13th and 14th from 1:00pm - 3:00pm or by contacting listing agents to schedule an appointment. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.

Hudson & Marshall will auction the homes on the following dates:

March 16th – Grand Rapids (29 homes) at 7:00pm - Hilton Grand Rapids Airport

March 17th  – Kalamazoo (17 homes) at 1:00pm - Hampton Inn & Suites Kalamazoo-Oshtemo

March 17th – Jackson (18 homes) at 7:00pm - Country Inn & Suites Jackson

March 17th – Gaylord (11 homes) at 7:00pm - Hampton Inn Gaylord

March 18th – Saginaw (33 homes) at 7:00pm - Four Points by Sheraton Saginaw

March 18th – Clare (4 homes) at 2:00pm - Econo Lodge-Clare

March 18th – Lansing (18 homes) at 1:00pm - Radisson Hotel Lansing

March 20th – Detroit (60 homes) at 1:00pm - Crowne Plaza Hotel Detroit Metro Airport

Prior to auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers typically respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.

Having sold over 80,000 homes for sellers in the past ten years, Hudson & Marshall, LLC is the most experienced, trusted leader in the REO auction industry. The company's accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return. Over the past five years alone, Hudson & Marshall's total sales have topped $2.2 Billion and the company anticipates selling another 15,000 homes in 2010.

About Hudson & Marshall of Texas, Inc.

H&M is America's Premier Auction Authority. Our 45-year history combined with our continued process enhancements have allowed us to become one of the largest and most respected real estate auction firms in the United States. H&M has set the standard as a full service auction company and continues to consistently raise the bar for our industry. Our number one priority is to provide top-quality service to our customers. Buyers know they can count on H&M to provide value and service from the initial property offering through the closing process. This same approach provides sellers with a one stop single solution to the disposition of real estate assets. Sellers particularly appreciate H&M's streamlined approach that handles their assets from marketing through closing and funding. The H&M process allows the seller to minimize expenses and maximize return. H&M has assisted clients ranging from individuals to large, medium, and small corporations, government agencies, and financial institutions. Since 1999, H&M has sold and closed over 80,000 homes throughout the country. See more about H&M at www.hudsonandmarshall.com.

SOURCE Hudson & Marshall of Texas, Inc.