Bank Foreclosed House Drives Michigan Sales Higher

by Peter Vernon on States

Bank foreclosed house sales accounted for majority of all home sales last month in Michigan. In July, 6,452 properties were sold in Detroit, an increase of 18.7 percent from last year’s total sales of 5,436.

According to market data, foreclosure sales last month rose to 3,275 or 75.1 percent rise from 1,870 the previous year.

In the city of Detroit, 913 were reportedly sold last month, a decline of 1.4 percent from the total of 926 in 2008. Out of the total home sales, foreclosure homes accounted for 802 deals, an increase of 30.8 percent compared with 613 the previous year. Sales of properties that are not foreclosures totaled 111, a drop of 64.5 percent from the previous year’s 313.

In Genesee County, the total number of homes sold reach 462, representing an increase of 9.2 percent compared with 423 posted last year. Sales of foreclosure properties in the county rose by 230 percent to 66 from 20 the previous year. Additionally, sales of houses that are not foreclosures totaled 396, a 1.7 percent decline from the previous year’s 403.

In Huron County, sales of non-foreclosure properties rose by 100 percent compared with last year.

Meanwhile, Lapeer County recorded 101 total home sales, a decline of 3.8 percent compared with 105 completed sales the previous year. Foreclosure sales in the county rose by 162.5 percent to 42 from 16 the previous year. Sales of non-foreclosed properties went down by 33.7 percent or 59 from 89 the previous year.

In Livingston County, total home sales reach 220, representing a 6.8 percent gain compared with 206 deals a year ago. There were 88 completed foreclosure sales, a rise of 66 percent compared with 53 in 2008.

In Macomb County, a 29.9 percent increase in home sales that reach 917 were reported compared with 706 the previous year. Sales of foreclosure houses went up by 94.5 percent to 492 compared with 253 the previous year. In contrast, sales of non-foreclosed houses went down by 6.2 percent to 425 from 453 last year.

An in Oakland, the county posted total sales of 1,636, a gain of 17.4 percent from the 1,393 posted sales a year earlier. Foreclosed homes for sale totaled 749, a rise of 59.8 percent compared with 497 the previous year. Sales of non-repossessed properties took a 6 percent slide to 842 from 896 the previous year.

The bleak picture of the housing market in Nevada is given color by the decline in the inventory of properties for sale. For seven consecutive months, home inventory was below 50,000.