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Thu August 25, 2011
Foreclosures & short selling pulling down Michigan home sale prices
Michigan home prices are still sliding thanks to banks selling foreclosed homes and short-selling others. Realty Trac 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.
Daren Bloomquist is with Realty Trac. He says the banks sold the homes at about a 40 percent discount.
“We’re seeing the prices come lower and the discounts go higher, which is good news for buyers. And it does indicate that the lenders maybe more willing to take a bigger loss on these properties in order to get them sold.”
Bloomquist expects repossessed homes will continue to be a drag on Michigan’s housing market for the next few years.