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March 2011

Found 2 blog entries for March 2011.

Metro Detroit Home Prices Rise 1.6%, While Inventory Is Down

Waiting for the market to bottom out? You may have missed the boat. All the signs of an upward trending market are in place. Demand is up, while supply is down. Foreclosures are rare and when they do hit the market usually sell for over the asking price. Interest rates are still at an all time low. We are still having a hard time getting homes to appraise, but in time that should clear itself up. Below is specific data to each county comparing February of 2011 vs. February of 2010. 

michigan-home-pricesSynopsis of Inventory (02/2011 vs. 02/2010)

*All MLS on -market inventory was at 32,695 units - 4,907 of these are foreclosures, 27,788 of these are NON-foreclosures.

Analysis:

*On-market inventory

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LENDERS EXPERIENCING BACKLOG JAM BUT CONTINUE TO PRESERVE RIGHTS AGAINST HOMEOWNER

foreclosure-in-michiganHere's a startling statistic: The average borrower experiencing delinquency on their mortgage hasn't made a mortgage payment in 17 months.  This is up nearly 11 months from just two years ago! The reason for the increase is in large part due to the delays experienced by Banks and mortgage servicers in completing foreclosure packages.  In effect, the large volumes of default mortgages create a significant backlog that cannot be handled in a timely fashion. In addition to the foregoing, other factors include the reviews of loan modifications and possible review of improperly filed foreclosure documents. 

Experts predict that this delay may very well translate into higher

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