The number of property foreclosures in Monroe County, Michigan, continues to decline, continuing a trend for the past decade, county Treasurer Kay Sisung said.
The sale of 57 parcels that were foreclosed by Monroe County in 2017 for non-payment of 2014 and prior taxes grossed about $405,000, Sisung said. After property taxes, interest and other fees were paid, the balance remaining was $188,356, she said.
Other expenses still need to be deducted from that amount for legal fees, advertising and wages for the person overseeing the foreclosures, she said.
The net profit for 2017 sales after all expenses were paid was about $63,000. The county board can use this money for any general operating purpose it wants, she said.
On March 31, the county foreclosed on 35 parcels for nonpayment of 2016 and prior taxes, Sisung said. These parcels will be put up for auction bids Aug. 23.
The number of foreclosures has been “going steadily down,” the treasurer said.
“We’re getting fewer foreclosures each year, so our profits are down,” Sisung said. “They peaked probably in 2010.”
She cited an improved economy and a federal bailout program called “Step Forward Michigan” that was launched in 2010 for the lower number of foreclosures.
“It’s really been a good program,” she said. “The city and other units of local government have first choice on bidding for foreclosed parcels in their jurisdictions.”
As required by state law, she submitted a report to county commissioners at their June 4 meeting informing them of any balance remaining in the 2017 property sales’ account.
Tribune Content Agency