I have tracked foreclosures closely for the past few years and obviously trends all over the Country are moving up. Well, Grand Traverse County is no different in that aspect.

With the 90 day moritorium ended and many of the ARM's coming due we are set for a busy fall and winter 2009-2010! As of August 4th (the last update with the Register of Deeds) we (Grand Traverse County) are just above the pace set from 2008; however, we must remember the two factors I mentioned above. One being the moritorium held back many of the foreclosures that were headed towards default as well as many 5 year ARM's that have come due will hit the market soon. 

What we will see more of later this year is much of the same, but we will also see some larger properties, such as second homes and certainly some of the JUmbo loans that weren't affected by the "bailout" this past year. My crystal ball is showing that we will see more and more prime loans slip into foreclosure and the more "desireable" areas will be on the market at a reduced or distressed rate. This will have a couple different effects on our market -1) It will likely pull the market value down in these nicer areas more that what was first prediced and,  2) It will certainly spur some great buys for move up buyers and of course the investors that are looking for "the deal".

It has been interesting following the foreclosure laws in the past year or so and watching how it has effected the market - It is ever changing, but the trends seem to be pretty clear. More foreclosures to come and your going to see some major lakefront and executive deals in the very near future.

This is an interesting market and I am looking forward to working through it!

Matt Hodges

Exit Realty Paramount

Matt@MattHodges.net

www.MattHodges.net