short sale http://michiganradio.org en Michigan's long, slow climb from home foreclosure crisis continues http://michiganradio.org/post/michigans-long-slow-climb-home-foreclosure-crisis-continues <p>Michigan’s home foreclosure crisis of a few years ago can still be felt by the state’s real estate industry.</p><p></p><p>In February, 2011, 35.3% of the homes sold in Michigan were distressed homes: formerly foreclosed on or being sold short for a loss.</p><p>In May of this year, 18.6% of home sales involved distressed homes.</p><p><a href="http://www.realtytrac.com/statsandtrends">Realty Trac reports </a>Michigan home prices continue to improve, claiming the median sale price for a Michigan home last month was $100,000, that’s up 18% in the past year.</p> Tue, 24 Jun 2014 09:12:00 +0000 Steve Carmody 18112 at http://michiganradio.org Michigan's long, slow climb from home foreclosure crisis continues 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 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 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 Michigan Supreme Court justice charged with fraud http://michiganradio.org/post/michigan-supreme-court-justice-charged-fraud <p>Michigan Supreme Court Justice Diane Hathaway has been charged with bank fraud just a few days before quitting the state's highest court. The charge was filed Friday and titled as a criminal "information," which means a guilty plea is expected in federal court.</p> Sat, 19 Jan 2013 18:27:04 +0000 Associated Press 10852 at http://michiganradio.org Michigan Supreme Court justice charged with fraud Pre-foreclosed homes selling briskly in Michigan http://michiganradio.org/post/pre-foreclosed-homes-selling-briskly-michigan <p>Michigan continues to see homes in the foreclosure process selling at a brisk rate.</p><p></p><p>About 24% of the homes sold in Michigan during the third quarter of the year (July-September) were in some stage of the foreclosure process.</p><p></p><p>Realty Trac reports that’s about 5% higher than the national average.</p><p></p><p>Georgia had the highest percentage of pre-foreclosure homes among residential sales at 38%.</p> Thu, 06 Dec 2012 14:17:19 +0000 Steve Carmody 10239 at http://michiganradio.org Pre-foreclosed homes selling briskly in Michigan More Michigan mortgage lenders turning to 'short sales' to avoid home foreclosures http://michiganradio.org/post/more-michigan-mortgage-lenders-turning-short-sales-avoid-home-foreclosures <p><span style="font-family: &quot;Times New Roman&quot;,&quot;serif&quot;; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">A surge in so-called &lsquo;short sales&rsquo; is helping reduce the number of Michigan home falling into foreclosure.</span></p> Thu, 01 Mar 2012 06:01:01 +0000 Steve Carmody 6429 at http://michiganradio.org More Michigan mortgage lenders turning to 'short sales' to avoid home foreclosures Foreclosures & short selling pulling down Michigan home sale prices http://michiganradio.org/post/foreclosures-short-selling-pulling-down-michigan-home-sale-prices <p>Michigan home prices are still sliding thanks to banks selling foreclosed homes and short-selling others. <a href="http://www.realtytrac.com/home/">Realty Trac</a> reports 40 percent of all home sales in Michigan between April and June involved banks either selling foreclosed homes or short-selling other homes that were on the verge of being repossessed. That percentage is up slightly from the beginning of the year and the same time last year.&nbsp;</p><p>Daren Bloomquist is with Realty Trac. He says the banks sold the homes at about a 40 percent discount.&nbsp;</p><blockquote><p>&ldquo;We&rsquo;re seeing the prices come lower and the discounts go higher, which is good news for buyers.&nbsp; And it does indicate that the lenders maybe more willing to take a bigger loss on these properties in order to get them sold.&rdquo;</p></blockquote><p>Bloomquist expects repossessed homes will continue to be a drag on Michigan&rsquo;s housing market for the next few years. Thu, 25 Aug 2011 09:01:01 +0000 Steve Carmody 3901 at http://michiganradio.org Foreclosures & short selling pulling down Michigan home sale prices