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Wednesday, December 19, 2007

YEA - We're not in the top five...

It was reported in the newspapers this morning that RealtyTrac Inc. published the foreclosure numbers for November yesterday and that Michigan has dropped out of the top five. We're number six now, so there's still problems, but at least we're headed in the right direction. In fact our foreclosure rate was down 14.5% according to the report that I read. That was the first double digit drop since April 2006.

Nevada led the list again with Florida second Followed by Ohio. Other states in the top ten included Georgia at #4, Arizona at #5 and Colorado, California, Indiana and Illinois following Michigan at #6. Nevada has the dubious distinction of leading the list for 11 months now. Metro Detroit is still in the top 5, so far as foreclosure rates in the major metropolitan areas in the U.S.

Oakland County reportedly had 1,164 foreclosure filings in November, or one for every 446 households in the County. That compares to 975 filings in Macomb County (one for every 355 households) and 6,074 filings in Wayne County (one for every 138 households). AS a state, Michigan had one filling for every 391 households. The nationals average if one filing for every 617 households. Nevada had one filing for every 152 households.

So, we're moving in the right direction. I've noticed more buyer activity lately too, albeit lots of buyers are out looking for those foreclosure bargains. That combination will hopefully allow us to work off the excessive inventory that is currently on the market and get back to a more balanced market. And, that would be a good thing.

Since it will take quite a while for housing prices to rebound, there will still be lots of great buys in the market for those looking to buy. For seller's, the reduction in competition from foreclosed houses will be welcomed, but you will still need to be realistic about what your house can bring in the current market. If you're selling and buying in Michigan, it'll all wash anyway. If you want to sell here and go someplace warmer - try Nevada, Georgia or Arizona, there are some great buys on foreclosed properties there.

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