August can oftentimes be a slow month for home sales, as many buyers are getting in the least of their summer vacations and families are preparing their children to go back to school.
I was curious this morning to see how many homes have sold to date for the month of August 2008 in Macomb County MI and logged into our Multilist service, Mirealsource™, to take a look.
So far this month 149 homes have sold in Macomb County. (I stripped out the homes that have rented, the statistics quoted are for homes that sold.)
The lowest priced home sold for $11,000 in the Rice & Millers subdivision in Warren MI and was bank owned.
The highest priced home sold for $550,000 in the Clear Spring Lake subdivision in Shelby Township MI and was owned by a builder.
What was astounding to me is the change in the mortgages used by home buyers during this month. 44 of the homes sold were with buyers using FHA mortgages, and 3 used their VA benefits to obtain mortgages. Almost 32% of the homes sold in the past 10 days have been to home buyers using the outstanding FHA & VA mortgages.
In comparison, last year during these same 10 days only 8 homes were sold with FHA mortgages, and none sold using VA mortgages.
If you would like more specific information about home sales in your neighborhood in Macomb County please don't hesitate to contact me. I would be happy to answer any questions you may have in a non-pressured manner.
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Kris, we were seeing more of our buyers using FHA too. But, now I'm not sure what will happen with the 3.5% needed by the buyers. Yes, they can get a gift letter or take money from 401K, but I'm not sure how many will or can. So I think it will be wait and see as many were using ameridream programs.