Michele, One of the reasons for foreclosures is the type of loan owners had. Saginaw particularly has a lot of new construction and a lot of first time homebuyers that should not have been approved for a loan, were put into a 2 year ARM program. So when they bought their house 2 years ago, they had an interest rate of about 7 to 8% then they were supposed to work on their credit and refinance before the 2 years were up but most of them didn't do anything and their interest rate adjusted and went up to 10% to 12% and they couldn't refinance and lost their homes. I am not guessing, I know this for a fact.
Second, right now there are only 7 homes that are foreclosures in Saginaw. That is not so bad considering that are 154 homes for sale on the market. NRH has 26 foreclosures on the market and 338 homes of which about 55 are new construction.
NRH is almost out of land for new construction therefore new homes are going to be in a higher price range i.e. 300K to 480K. Saginaw on the other hand is still growing and a lot homes can still be very affordable.
Let me know if you need any more information about the local market I invite you to visit my website and call me if you have any questions. I'll be happy to email you homes that match your search criteria so you have a better idea of what you get for your money here...