Foreclosures Down in 2009
New stats are out from Ingham County, and lansing real estate foreclosures fell 8% in 2009. According to WLNS News, filings for Sheriff Sales (the first step in the foreclosure process) fell from around 1800 in 2008 to around 1700 in 2009. This realtor is not surprised to hear this fact. Pair this info with the fact that prices rose in November (December stats are still not out yet) and I fully expect 2010 to be the beginning of our housing recovery. I said last September that I thought our market had bottomed out when I got outbid on 5 offers in a row. Anyway, you can view full story on foreclosures on the Channel 6 News Site.
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March Statistics
The March statistics are out and Mid-Michigan officially continues to be a buyers market. Our sales for last month were off slightly from the year before. Realtors in the area closed 354 transactions versus 394 for the same time period last year. Sales prices continue to take front and center, however, dropping to an average of $91,415 in March of 2008 as compared to $118,169 for March of 2007 (a drop of 23%)
The good news is that foreclosures were down dramatically in March. According to local news WLNS, foreclosure filings in Clinton County were down 55% from last year, Ingham was down 42%, and Eaton down 31%. Keep your fingers crossed that foreclosures continue to decline.
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