County treasurer offices across Michigan this week are processing thousands of homes that have fallen into tax foreclosure. Michigan property owners has until last week to pay up their 2008 property taxes or face losing the property to tax foreclosure. Many counties were expecting about a 10% increase in homes falling into tax foreclosure.
In Genesee County, the owners of 2,999 properties missed the deadline. About 600 more than last year. Deb Cherry is the Genesee County Treasurer. She was not surprised by the jump in tax foreclosures.
“A lot of it has to do with the fact that 2008 was one of the worst years in the housing market.”
Cherry does not expect there will be many buyers when these homes go up for sale later this year.
Many of the properties will find their way to the Genesee County Land Bank, which is already taking care of more than 6,000 properties. Douglas Weiland is the land bank authority executive director.
"Its not a question of whether we can absorb more properties, we will absorb more properties and we expect we'll see that trend continueing for some time yet."