Hat tip to Steve Shollack for sending this Detroit News story. The following is a small quote but read the whole story - the numbers are mind boggling.

Investors taking advantage

Some are trying to market the foreclosure glut as a golden investment opportunity.

More than 250 single-family homes, condominiums and duplexes will be auctioned off throughout Michigan from Sept. 25 to Oct. 1 by Dallas-based Hudson & Marshall Inc.

Several of the country's largest lending institution's hired Hudson & Marshall to auction the properties to recover unpaid loans. Sales are planned in Dearborn, Saginaw, Lansing, Battle Creek and Grand Rapids.

The properties, which range in price from $15,000 to $450,000, are a "win-win proposition" for investors and owner occupants, said Dave Webb, principal of Hudson & Marshall.

"Buyers get the opportunity to purchase great value properties at reduced prices without the hassles of the seller negotiation process," he said.