http://tinyurl.com/dx2nq5I finally have some good news to share about my little patch in the overall real estate market. Consistent with reports at the national level, distressed sales, as a percentage of overall sales in my market areas are down. In fact, for the first time this year I have more local markets below 50% distressed sales than those above that mark. I still have one market that is mostly distressed sales (70%), bit even it is showing signs of stabilizing.
See the June, 2011, market sales results for June in the Southeastern Michigan markets of Milford, Commerce, White Lake, Highland, South Lyon, Green Oak, Brighton, Hartland and West Bloomfield at http://tinyurl.com/dx2nq5
You'll find the Year-To-Date statistics for those markets there, too. Anecdotal evidence also points to a slow down in value loss in these markets, with more sales taking place at the assessed value or higher than has happened in a long time. Since they are closing, the homes must be appraising for those higher values, too.
The issue now may quickly become the lack of inventory as would-be sellers still seem to be reluctant to list and we are running out of diestressed inventory. We had another pause in foreclosures in MIchigan when the Attorney Genertal announced that he is investigating the whole MERS and robo-signing mess for Michigan foreclosures. Hopefully that will be over quickly and we can work our way through the foreclosure overhang and get back to a more normal market.