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May 2011

Found 3 blog entries for May 2011.

22% of homes listed for sale in Michigan are short sales

Analysis

Overall, short sales that closed in April were up 2.1% from 678 (of 2010) to 692 (of 2011).

Median sales price down in every county except Lapeer County (Up 14.9%) and Livingston County (Up 8.5%).

The average days on market (DOM) for the entire MLS decreased over the last year by 9 days, from 99 to 90 days.

Synopis of Inventory (April of 2011 vs. April 2010)

All MLS on-market inventory was at 32,910 units - 4,465 or 13.5% of these are foreclosures and 28,445 or 86.5% of these are NON-foreclosures.

Inventory continues to decline as compared to 38,394 last year in April of 2010.

Out of the total on-market inventory, 7,246 or 22% of them have been identified as short sales.

3,848 Views, 1 Comment

Positive Signs ahead although prices are still declining

The amount of homes for sale or on market inventory and average days on market continue to decline compared to 2010 levels for the same period. In fact there are 6,000 fewer homes on market in March 2011 VS. March 2010.

When you see the words MLS, this stands for Multiple Listing Service. Out of the 32,317 homes listed for sale, 27,686 of the houses were NOT foreclosures and 4,631 of the homes listed were bank foreclosures. Of the 27,686 homes 7,464 were short sales, where the homeowner is trying to sell the home for less than they owe.

The average days on market is 97 days compared to last year in March when it was 102 days on average before a home would sell.

Home Prices Decline 11.1%

4,267 Views, 2 Comments

short-sales-in-michiganIf you're just starting out searching for a home, it's hard not to notice that a lot of the best deals on the market are short sales. First you should know exactly what a short sale is. If a listing is categorized as a short sale or you notice in the description it says "subject to 3rd party approval or lender approval", this means the seller or owner is requesting that their lender allow them to sell the house for less than what they owe on their mortgage.

It all starts with a written offer

Lenders will not decide whether to approve or deny a short sale until a formal written offer has been presented to them. Once they get a written offer they will begin the review process. The review process can take anywhere from 45 days to six months. If you don't

4,075 Views, 1 Comment