Archive for April 22, 2010

Michigan Real Estate Market

0
756 days
by in Real Estate
Ann Arbor, Michigan. E. Liberty St.
Image via Wikipedia

The Michigan real estate market, along with the rest of the fragile Michigan economy, is tentatively trending towards a recovery, although foreclosures remain a serious problem for the state. According to an April 13, 2010 article in The Detroit News, “Metro Detroit’s residential real estate market continued to improve in March but experts are divided about whether it signals a housing rebound or a lull before a foreclosure-induced relapse.” The piece, composed by Louis Aguilar, continued to state that “The median sales price as well as the number of sales of homes and condominiums saw large jumps in most of Metro Detroit compared with the same period a year ago, according to the monthly data by Realcomp II Ltd. In Wayne County, the median sales price of homes and condominiums rose 120.3 percent to $33,050 compared with March 2009, the Farmington Hills-based multilisting real estate tracking service reported.”

That same general picture for Michigan homes for sale was portrayed by an April 13, 2010 article in Crain’s Detroit Business, which stated that “The number of homes sold in Southeast Michigan in March increased compared to 2009 despite a drop in foreclosures, according to new statistics from Farmington Hills-based Realcomp II Ltd. However, the median price for non-foreclosure sales continued its decline, though the sale price of foreclosures has shown enough of an increase to bring the overall median sale price into positive territory across the region.” The article, written by Daniel Duggan, continued to note that “Meanwhile, Ann Arbor posted higher median sales figures and unit sales, according to the Ann Arbor Area Board of Realtors, however foreclosure sales are not broken out of the data.”

An April 13, 2010 article from Click On Detroit was even more optimistic about the Michigan economy and real estate, stating that “There’s some good news for Michigan’s economy. Home sales for the month of March are on the rise. Realcomp has released a report with home sales statistics for March 2010. The total home sales rose 37 percent statewide compared to March 2009. In Metro Detroit, Oakland County saw the biggest gain with a 30 percent increase. Macomb County home sales were also up, with a 21 percent gain from last year.”

Reblog this post [with Zemanta]

Indianapolis Real Estate

0
756 days
by in Real Estate
The state seal of Indiana
Image via Wikipedia

The Indianapolis real estate market has been facing mixed signals in the first quarter of 2010, with some indicators pointing towards a gradual recovery and others suggesting further problems with foreclosures and defaults. According to a March 23, 2010 article from WIBC, “Data gathered by First American CoreLogic shows payments on nearly 8 percent of all home loans in the 10-county Indianapolis metro area are at least 90 days overdue. The troubling figure comes despite efforts by the government, banks, and other lenders to assist homeowners struggling to bounce back from the recession.” The piece, composed by Liz Thomas, continued to note that “Bob Coffee, Fort Wayne Area Association of Realtors, says many residents wait too long to look for assistance. ‘They don’t necessarily seek the help as quickly as they should, and they may not exactly know where to go for help,’ Coffee said. About 150,000 mortgages were modified nationally in January. But about 4 million American homeowners still remain at risk for foreclosure.”

One effect that an increase in foreclosures could have on Indianapolis homes for sale is a decline in home prices, according to an April 2, 2010 article in the International Business Times. This piece noted that “Indianapolis cheap homes are expected to jump up this year because of the sharp rise in mortgage defaults in the area, based on records from the Fort Wayne Area Association of Realtors and a research firm.” The piece, composed by John Cutts, continued to state that “In January, the home loan delinquency rate in the Indianapolis metro area jumped up to almost 8 percent of all mortgaged homes, the highest rate hit in the area over the past 12 months.”

A decidedly more conflicted picture was portrayed by a March 24, 2010 article from Fox 59, which found that “Sales in Hendricks County fell more than 6 percent. But according to the Indiana Association of Realtors, Hamilton County was one of the bright spots. It saw a 10 percent jump in sales. And there is more good news. The statewide median sales price is up almost 7 percent from a year ago. But the good news in the housing market stops there. New data shows Indiana could soon experience another surge in foreclosures.”

Reblog this post [with Zemanta]
Go to Top