home sales http://michiganradio.org en Home foreclosures falling in Michigan, but many are not leaving their former homes http://michiganradio.org/post/home-foreclosures-falling-michigan-many-are-not-leaving-their-former-homes <p>The number of homes in Michigan in foreclosure has dropped to its lowest level since 2005.</p><p></p><p>Foreclosure filings in Michigan have been steadily declining for the past three and a half years.</p><p></p><p>Daren Bloomquist is with Realty Trac. He says banks are now dealing with the problem of getting former owners or tenants to move out of their foreclosed homes.</p><p></p> Thu, 10 Apr 2014 14:17:55 +0000 Steve Carmody 17178 at http://michiganradio.org Home foreclosures falling in Michigan, but many are not leaving their former homes It's getting more expensive to buy a home in Michigan http://michiganradio.org/post/its-getting-more-expensive-buy-home-michigan <p><span style="line-height: 1.5;">Realty </span>Trac<span style="line-height: 1.5;"> is out with a report on home affordability.</span></p><p><span style="line-height: 1.5;">The report shows that rising home prices and interest rates are translating into higher monthly mortgage payments for home buyers.</span></p><p><span style="line-height: 1.5;">The report focused on three bedroom, single-family homes.</span></p><p><span style="line-height: 1.5;">Daren </span>Bloomquist<span style="line-height: 1.5;"> is with Realty </span>Trac<span style="line-height: 1.5;">.</span></p> Thu, 20 Feb 2014 13:48:00 +0000 Steve Carmody 16520 at http://michiganradio.org It's getting more expensive to buy a home in Michigan Many Michigan homeowners are still deeply underwater on their mortgages http://michiganradio.org/post/many-michigan-homeowners-are-still-deeply-underwater-their-mortgages <p>Realty Trac reports nearly a third of Michigan homeowners owe 25 percent or more on their mortgages than their homes are actually worth. &nbsp;&nbsp;</p><p></p><p>In December, 31% of Michigan homeowners were deeply underwater on their mortgages.&nbsp; That’s down from 37% in January of 2013.</p><p></p><p>Nationally, 19% of homeowners are deeply underwater on their mortgages.</p><p></p><p>Daren Bloomquist with Realty Trac says many homeowners have been waiting a long time for their house to gain value.</p><p></p> Sat, 11 Jan 2014 21:35:26 +0000 Steve Carmody 15976 at http://michiganradio.org Many Michigan homeowners are still deeply underwater on their mortgages Michigan's real estate industry should see more improvement in 2014 http://michiganradio.org/post/michigans-real-estate-industry-should-see-more-improvement-2014 <p>Michigan is starting 2014 with its housing market in better shape than it’s been in in years.</p><p></p><p>The number of new home foreclosures is actually smaller than it was in 2006, before the recession began. Home prices are also improving.</p><p></p><p>But Daren Bloomquist with Realty Trac says there are still many Michigan homeowners who owe more on their mortgages than their homes are worth. He says 2014 may finally turn that around.</p><p></p> Sat, 04 Jan 2014 21:20:00 +0000 Steve Carmody 15879 at http://michiganradio.org Michigan's real estate industry should see more improvement in 2014 Cash is king in Michigan home sales at the moment http://michiganradio.org/post/cash-king-michigan-home-sales-moment <p>Michigan has seen a sharp spike in the number of people paying cash for homes.</p><p></p><p>Last month, cash sales represented 49% of the home sales in Michigan. &nbsp;</p><p></p><p>Nationwide, 42% of home sales in November were all cash.</p><p></p><p>Daren Bloomquist is with Realty Trac. He says investors are trying to gobble up a lot of newer, starter homes</p><p></p><p></p><p>“These investors are seeing a window of opportunity when home prices in many markets have been undervalued, especially compared to rent,” says Bloomquist.</p><p></p> Fri, 20 Dec 2013 11:43:00 +0000 Steve Carmody 15769 at http://michiganradio.org Cash is king in Michigan home sales at the moment Michigan home buyers may face new problems http://michiganradio.org/post/michigan-home-buyers-may-face-new-problems <p>Critics say proposed legislation in Congress could hurt many home buyers in Michigan and the nation.</p><p>The bills would allow exceptions to new limits on bank fees for mortgages. And it would become easier to give borrowers loans they can't afford.</p><p>Gary Kalman is with the Center for Responsible Lending.</p><p>He says the so-called "Mortgage Choice Act" would undermine what he calls a fair and balanced compromise.</p><p></p> Sat, 30 Nov 2013 16:17:00 +0000 Vincent Duffy 15479 at http://michiganradio.org Michigan home buyers may face new problems Home flipping returns to Michigan's real estate markets http://michiganradio.org/post/home-flipping-returns-michigans-real-estate-markets <p>House flippers in Michigan are having a tough time making money these days.</p><p>Before the recession, house flipping was a small, but very active part of Michigan&rsquo;s real estate industry.</p><p>House flipping is where a person buys a home and quickly puts it back on the market, hoping to make a profit on the sale. Many homes resell within six months.&nbsp; Flipping flopped during the recession as plunging home prices took the profit away.</p><p>But a large stock of foreclosed homes and rising home prices has once again spurred interest in flipping in Michigan.</p> Thu, 17 Oct 2013 16:36:25 +0000 Steve Carmody 14876 at http://michiganradio.org Home flipping returns to Michigan's real estate markets Michigan home buyers might be the next to feel the pinch of the federal government shutdown http://michiganradio.org/post/michigan-home-buyers-might-be-next-feel-pinch-federal-government-shutdown <p>The federal government shutdown could soon start affecting Michigan&rsquo;s real estate industry.</p><p>The problem is government agencies that verify the identities and tax returns of people taking out mortgages are closed by the shutdown. That means banks and mortgage companies are unable to finish their paperwork on home loans.</p> Mon, 07 Oct 2013 13:04:00 +0000 Steve Carmody 14737 at http://michiganradio.org Michigan home buyers might be the next to feel the pinch of the federal government shutdown 8 years after the bubble burst, Michigan home sale prices are still inching their way back up http://michiganradio.org/post/8-years-after-bubble-burst-michigan-home-sale-prices-are-still-inching-their-way-back <p>Michigan home sale prices have made a major recovery from the bottom of the recession.</p><p>But home prices are still far below their peak eight years ago.</p><p>Michigan’s median home price reached its peak in September, 2005 at about $150 thousand.</p><p>After the bubble burst, home prices fell dramatically, tumbling to just $51 thousand dollars.</p><p>Median home prices bottomed out in June of 2009 and have been climbing slowly since.</p><p>Realty Trac’s Daren Bloomquist says Michigan’s median home price last month was $97 thousand dollars.</p> Thu, 26 Sep 2013 04:25:00 +0000 Steve Carmody 14590 at http://michiganradio.org 8 years after the bubble burst, Michigan home sale prices are still inching their way back up More Michigan homeowners are underwater on their mortgages http://michiganradio.org/post/more-michigan-homeowners-are-underwater-their-mortgages <p>Michigan homeowners continue to struggle with underwater mortgages.</p><p></p><p>Realty Trac reports today that 38% of Michigan homeowners owe at least 25% more on their mortgages than their homes are actually worth.</p><p></p><p>Michigan trails only Nevada, Illinois and Florida for the percentage of home mortgages that are deeply underwater.</p><p>Realty Trac’s Daren Bloomquist says more homeowners in those states may be underwater on their mortgages, but home values are also rising faster than in Michigan.</p> Thu, 05 Sep 2013 04:52:00 +0000 Steve Carmody 14273 at http://michiganradio.org More Michigan homeowners are underwater on their mortgages Flint's housing market tagged as one of the nation's fastest recovering from the recession http://michiganradio.org/post/flints-housing-market-tagged-one-nations-fastest-recovering-recession <p>A new report lists Flint as one of the nation’s fastest recovering housing markets.</p><p></p><p>Realty Trac is out with a list of the best and worst recovering housing markets in the country.&nbsp;&nbsp; And for a change, Flint is not on the worst list.</p><p></p><p>Daren Bloomquist is with Realty Trac. He says the nation’s housing industry has clearly shifted into recovery mode during the past 18 months. Bloomquist says one of the best recovering housing markets is in Flint.</p><p></p> Mon, 19 Aug 2013 04:42:00 +0000 Steve Carmody 14026 at http://michiganradio.org Flint's housing market tagged as one of the nation's fastest recovering from the recession Michigan's home foreclosure rate continues to fall http://michiganradio.org/post/michigans-home-foreclosure-rate-continues-fall <p></p><p>Michigan’s home foreclosure rate is tumbling. The rate of home foreclosure filings in Michigan is half of what it was six months ago.&nbsp;</p><p>June marked the 32nd consecutive month of “year-over-year” declines in the number of home foreclosure filings in Michigan.</p><p>Daren Blomquist is with RealtyTrac.&nbsp; He expects that trend will continue.</p><p>“We’ll see the declines continue at least through the end of this year,” says Blomquist, “But then I would expect in 2014 that’s probably when we’ll see the numbers flatten out.”</p> Thu, 11 Jul 2013 04:59:00 +0000 Steve Carmody 13476 at http://michiganradio.org Michigan's home foreclosure rate continues to fall Michigan's governor signs foreclosure law changes http://michiganradio.org/post/michigans-governor-signs-foreclosure-law-changes <p>LANSING, Mich. (AP) - Governor Rick Snyder has signed into law changes in Michigan's home foreclosure rules but is calling on lawmakers to swiftly enact more legislation to clarify some issues.<br><br>Bills signed Wednesday keep intact the redemption period when homeowners can challenge a foreclosure's legality. An earlier version of the legislation would have reduced the period from 6 months to 60 days.<br> Thu, 04 Jul 2013 14:27:00 +0000 The Associated Press 13382 at http://michiganradio.org Michigan's governor signs foreclosure law changes Michigan housing recovery attracts more sales agents http://michiganradio.org/post/michigan-housing-recovery-attracts-more-sales-agents <p>TROY, Mich. (AP) - Here's a bullish sign: The number of people getting a Michigan license to buy or sell homes is up.<br><br>The Detroit News reports that real estate agencies are adding more people as home prices rise and the state's economy improves. Coldwell Banker Weir Manuel in Troy says it recently hired 14 agents.<br><br>The newspaper says the number of real estate licenses issued by the state is up 10 percent this year to 49,000. Bob Jakowinicz, a Realtor with National Realty Centers in Livonia, says there are plenty of buyers but a low inventory, just the opposite from 2009. Sat, 29 Jun 2013 22:00:00 +0000 The Associated Press 13309 at http://michiganradio.org Michigan housing recovery attracts more sales agents Union: Michigan home builders not telling the truth when they claim there's a labor shortage http://michiganradio.org/post/union-michigan-home-builders-not-telling-truth-when-they-claim-theres-labor-shortage <p>A major union is disputing claims by Michigan’s home builders that there are not enough skilled workers to fill all the jobs in the state’s resurgent construction industry.</p><p></p><p>New home prices are up in Michigan this year. Building permits are also up.</p><p></p><p>But the Home Builders Association of Michigan released a survey last month claiming a deep gap between the number of skilled trades workers and the jobs available.</p><p></p> Thu, 20 Jun 2013 03:39:48 +0000 Steve Carmody 13151 at http://michiganradio.org Union: Michigan home builders not telling the truth when they claim there's a labor shortage Looking for a little 'fixer-upper?' Try Detroit or Lansing http://michiganradio.org/post/looking-little-fixer-upper-try-detroit-or-lansing <p>Potential home buyers looking for a fixer-upper may want to look in Detroit or Lansing.</p><p></p><p>Realty Trac is out with a list of the 15 cities with the largest number of bank-owned homes on the market that were built before 1960 and valued at under $100 thousand.</p><p></p><p>Detroit tops the list, with nearly four thousand older homes with an average estimated value of just over $40 thousand. Lansing comes in 15<sup>th</sup>, with more than 500 pre-1960 homes with an average estimated value of $56 thousand.</p><p></p> Thu, 06 Jun 2013 04:38:00 +0000 Steve Carmody 12903 at http://michiganradio.org Looking for a little 'fixer-upper?' Try Detroit or Lansing Michigan home builders have trouble finding skilled workers http://michiganradio.org/post/michigan-home-builders-have-trouble-finding-skilled-workers <p>Building permits are up by more than a third this year in Michigan.&nbsp; Home prices are also rising.</p><p></p><p>These should be great days for Michigan’s homebuilding industry, which nearly ground to a halt during the recession.</p><p></p><p>But there’s a problem: not enough workers.</p><p></p><p>A survey finds a third of Michigan homebuilding contractors are having trouble finding enough workers to do the job.&nbsp;</p><p></p> Wed, 29 May 2013 16:30:01 +0000 Steve Carmody 12787 at http://michiganradio.org Michigan home builders have trouble finding skilled workers Fraudulent loan activity declines in Michigan http://michiganradio.org/post/fraudulent-loan-activity-declines-michigan <p>Fraudulent loan activity declined slightly in Michigan at the end of last year.</p><p></p><p>Kroll Factual Data checks loan applications for phony buyers, attempts to misrepresent the value of homes and other fraudulent information.</p><p></p><p>Kroll president Rod Bazzani says there's been a surge in home loan refinancing, which may explain the decline. &nbsp;&nbsp;He says refinancing more than doubled last year.</p><p></p> Tue, 16 Apr 2013 17:13:16 +0000 Steve Carmody 12159 at http://michiganradio.org Fraudulent loan activity declines in Michigan Michigan's home foreclosure rate closer to the national average http://michiganradio.org/post/michigans-home-foreclosure-rate-closer-national-average-0 <p>Michigan’s home foreclosure rate is no longer among the nation’s worst.</p><p></p><p>Realty Trac reports Michigan ranked 16th in the nation in home foreclosures in March.&nbsp; That is a far cry from a few years ago when the state had the nation’s highest foreclosure rate.</p><p></p><p>Mary Townley is with the Michigan State Housing Development Authority.&nbsp; She credits the authority’s “Step Forward” program for providing assistance to people at risk of losing their homes…</p><p></p><p></p> Thu, 11 Apr 2013 04:38:00 +0000 Steve Carmody 12090 at http://michiganradio.org Michigan's home foreclosure rate closer to the national average There is growing optimism in Michigan's home building industry http://michiganradio.org/post/there-growing-optimism-michigans-home-building-industry <p>Michigan’s home builders are optimistic about the year ahead.</p><p></p><p>The recession walloped Michigan’s home building industry. Many builders went out of business. Others merged and focused on home remodeling.</p><p></p><p>But a new survey shows Michigan’s home builders are optimistic about getting back into the business of building new homes. They say pent up consumer demand, especially for more expensive homes ($200,000 to $800,000), is pushing up the Michigan Housing Index.</p><p></p> Mon, 08 Apr 2013 15:37:50 +0000 Steve Carmody 12045 at http://michiganradio.org There is growing optimism in Michigan's home building industry