home sales

Economy
10:17 am
Thu April 10, 2014

Home foreclosures falling in Michigan, but many are not leaving their former homes

In Michigan, about 40% of foreclosed homes are still occupied by their former owners or tenants.
Credit Steve Carmody / Michigan Radio

The number of homes in Michigan in foreclosure has dropped to its lowest level since 2005.

Foreclosure filings in Michigan have been steadily declining for the past three and a half years.

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.

“One of the questions we get a lot is ‘why (are) these properties not selling?’” says Bloomquist. “One of the major answers to that is because the former occupants are still living there … nationwide 50% of the time.”

Read more
Economy
8:48 am
Thu February 20, 2014

It's getting more expensive to buy a home in Michigan

Rising home prices and interest rates are translating into higher monthly mortgage payments for home buyers.
Steve Carmody Michigan Radio

Realty Trac is out with a report on home affordability.

The report shows that rising home prices and interest rates are translating into higher monthly mortgage payments for home buyers.

The report focused on three bedroom, single-family homes.

Daren Bloomquist is with Realty Trac.

He says Wayne, Oakland and Macomb counties have seen a 40% to 50% increase in monthly mortgage payments on home sales in the past year.

Bloomquist says home prices in the Detroit metro market are still very low.

Read more
Economy
4:35 pm
Sat January 11, 2014

Many Michigan homeowners are still deeply underwater on their mortgages

'Short sales' are the only solution for many homeowners 'deeply underwater' on their mortgages
Steve Carmody/Michigan Radio

Realty Trac reports nearly a third of Michigan homeowners owe 25 percent or more on their mortgages than their homes are actually worth.   

In December, 31% of Michigan homeowners were deeply underwater on their mortgages.  That’s down from 37% in January of 2013.

Nationally, 19% of homeowners are deeply underwater on their mortgages.

Daren Bloomquist with Realty Trac says many homeowners have been waiting a long time for their house to gain value.

Read more
Economy
4:20 pm
Sat January 4, 2014

Michigan's real estate industry should see more improvement in 2014

(file photo)
Steve Carmody/Michigan Radio

Michigan is starting 2014 with its housing market in better shape than it’s been in in years.

The number of new home foreclosures is actually smaller than it was in 2006, before the recession began. Home prices are also improving.

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.

Read more
Business
6:43 am
Fri December 20, 2013

Cash is king in Michigan home sales at the moment

(file photo)
Steve Carmody/Michigan Radio

Michigan has seen a sharp spike in the number of people paying cash for homes.

Last month, cash sales represented 49% of the home sales in Michigan.  

Nationwide, 42% of home sales in November were all cash.

Daren Bloomquist is with Realty Trac. He says investors are trying to gobble up a lot of newer, starter homes

“These investors are seeing a window of opportunity when home prices in many markets have been undervalued, especially compared to rent,” says Bloomquist.

Read more
Business
11:17 am
Sat November 30, 2013

Michigan home buyers may face new problems

(file photo)
Steve Carmody/Michigan Radio

Critics say proposed legislation in Congress could hurt many home buyers in Michigan and the nation.

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.

Gary Kalman is with the Center for Responsible Lending.

He says the so-called "Mortgage Choice Act" would undermine what he calls a fair and balanced compromise.

Read more
Business
12:36 pm
Thu October 17, 2013

Home flipping returns to Michigan's real estate markets

(file photo)
Steve Carmody/Michigan Radio

House flippers in Michigan are having a tough time making money these days.

Before the recession, house flipping was a small, but very active part of Michigan’s real estate industry.

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.  Flipping flopped during the recession as plunging home prices took the profit away.

But a large stock of foreclosed homes and rising home prices has once again spurred interest in flipping in Michigan.

Read more
Politics & Government
9:04 am
Mon October 7, 2013

Michigan home buyers might be the next to feel the pinch of the federal government shutdown

Or is it?
Steve Carmody/Michigan Radio

The federal government shutdown could soon start affecting Michigan’s real estate industry.

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.

Read more
Economy
12:25 am
Thu September 26, 2013

8 years after the bubble burst, Michigan home sale prices are still inching their way back up

(file photo)
Steve Carmody Michigan Radio

Michigan home sale prices have made a major recovery from the bottom of the recession.

But home prices are still far below their peak eight years ago.

Michigan’s median home price reached its peak in September, 2005 at about $150 thousand.

After the bubble burst, home prices fell dramatically, tumbling to just $51 thousand dollars.

Median home prices bottomed out in June of 2009 and have been climbing slowly since.

Realty Trac’s Daren Bloomquist says Michigan’s median home price last month was $97 thousand dollars.

Read more
Economy
12:52 am
Thu September 5, 2013

More Michigan homeowners are underwater on their mortgages

Aerial view of homes in Jackson, Michigan
Google Earth

Michigan homeowners continue to struggle with underwater mortgages.

Realty Trac reports today that 38% of Michigan homeowners owe at least 25% more on their mortgages than their homes are actually worth.

Michigan trails only Nevada, Illinois and Florida for the percentage of home mortgages that are deeply underwater.

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.

Read more
Economy
12:42 am
Mon August 19, 2013

Flint's housing market tagged as one of the nation's fastest recovering from the recession

(file photo)
Steve Carmody/Michigan Radio

A new report lists Flint as one of the nation’s fastest recovering housing markets.

Realty Trac is out with a list of the best and worst recovering housing markets in the country.   And for a change, Flint is not on the worst list.

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.

Read more
Economy
12:59 am
Thu July 11, 2013

Michigan's home foreclosure rate continues to fall

There were about 4300 foreclosure filings in Michigan in June, down from 8600 in June, 2012 (source RealtyTrac).
Steve Carmody/Michigan Radio

Michigan’s home foreclosure rate is tumbling. The rate of home foreclosure filings in Michigan is half of what it was six months ago. 

June marked the 32nd consecutive month of “year-over-year” declines in the number of home foreclosure filings in Michigan.

Daren Blomquist is with RealtyTrac.  He expects that trend will continue.

“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.”

Politics & Government
10:27 am
Thu July 4, 2013

Michigan's governor signs foreclosure law changes

(file photo)
Steve Carmody/Michigan Radio

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.

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.

Read more
Economy
6:00 pm
Sat June 29, 2013

Michigan housing recovery attracts more sales agents

(file photo)
Steve Carmody/Michigan Radio

TROY, Mich. (AP) - Here's a bullish sign: The number of people getting a Michigan license to buy or sell homes is up.

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.

Read more
Business
11:39 pm
Wed June 19, 2013

Union: Michigan home builders not telling the truth when they claim there's a labor shortage

hstreetagent

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.

New home prices are up in Michigan this year. Building permits are also up.

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.

That’s not true, according to Mike Jackson.   He’s the Secretary-Treasurer of the Michigan Regional Council of Carpenters and Millwrights.

Read more
Economy
12:38 am
Thu June 6, 2013

Looking for a little 'fixer-upper?' Try Detroit or Lansing

All it needs is a little TLC. (file photo)
Steve Carmody/Michigan Radio

Potential home buyers looking for a fixer-upper may want to look in Detroit or Lansing.

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.

Detroit tops the list, with nearly four thousand older homes with an average estimated value of just over $40 thousand. Lansing comes in 15th, with more than 500 pre-1960 homes with an average estimated value of $56 thousand.

Read more
Business
12:30 pm
Wed May 29, 2013

Michigan home builders have trouble finding skilled workers

calgaryrealestate.com

Building permits are up by more than a third this year in Michigan.  Home prices are also rising.

These should be great days for Michigan’s homebuilding industry, which nearly ground to a halt during the recession.

But there’s a problem: not enough workers.

A survey finds a third of Michigan homebuilding contractors are having trouble finding enough workers to do the job. 

Read more
Business
1:13 pm
Tue April 16, 2013

Fraudulent loan activity declines in Michigan

(file photo)
Steve Carmody Michigan Radio

Fraudulent loan activity declined slightly in Michigan at the end of last year.

Kroll Factual Data checks loan applications for phony buyers, attempts to misrepresent the value of homes and other fraudulent information.

Kroll president Rod Bazzani says there's been a surge in home loan refinancing, which may explain the decline.   He says refinancing more than doubled last year.

“When you understand that statistic, you realize you’re going to have much less fraud in a refinance environment than you would in a purchase loan environment,” says Bazzani.

Read more
Economy
12:38 am
Thu April 11, 2013

Michigan's home foreclosure rate closer to the national average

A rare sign these days (file photo)
Steve Carmody/Michigan Radio

Michigan’s home foreclosure rate is no longer among the nation’s worst.

Realty Trac reports Michigan ranked 16th in the nation in home foreclosures in March.  That is a far cry from a few years ago when the state had the nation’s highest foreclosure rate.

Mary Townley is with the Michigan State Housing Development Authority.  She credits the authority’s “Step Forward” program for providing assistance to people at risk of losing their homes…

Read more
Business
11:37 am
Mon April 8, 2013

There is growing optimism in Michigan's home building industry

(file photo)
Steve Carmody/Michigan Radio

Michigan’s home builders are optimistic about the year ahead.

The recession walloped Michigan’s home building industry. Many builders went out of business. Others merged and focused on home remodeling.

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.

Read more

Pages