It has been reported that foreclosed home sales have dropped by 3.5% in December 2011, according to Bloomberg. This was after posting a home sales gain in November 2011.
The Foreclosure sales numbers, we knew were going to drop because of the pending litigation against banks for processing foreclosures wrong. The sales slump showed up and everyone was shouting we have turned the corner on the foreclosure market. Not so, just a blimp in the processing cycle because of litigation.
President Obama may have a refinance program offered up, that has yet to pass congress or even be written
as a proposed bill, to help existing homeowners save $3000.00 per year on mortgage costs. This mortgage option will not have an impact on the housing industry to sell more homes or increase your homes value. The other issue that we must consider that affects many parts of the country, Michigan included, high foreclosure rates. The homeowner that is refinancing must meet income criteria and have their homes appraise for this refinance option to become available to them. Depressed property such as Foreclosures impact home values and certainly will impact this proposed program if enacted.
Home sales numbers are up and down with market fluctuations, finance rates, employment and lending. I recently wrote, one month does not make a trend in anything, especially real estate! Looking at quarterly trends will help level the information numbers, offering a better directional view for home sales analysis.
The spring home selling market is just around the corner. Thinking about selling your home.
Email mail me if you live in the Grand Rapids Real Estate Market Area for a
"Free Seller's Checklist including a Home Staging Guide"
Home sales numbers for the Grand Rapids Real Estate market and surrounding communities are a concern for sellers and buyers. Lending and home appraisal values still dictate a home selling or not selling. Locally we are still in a buyers market with home prices among some of the lowest in the country. We have fared far better in West Michigan with jobs, even with some exceptionally depressed cities only a few miles away. Yet finding the right home at the right price, if your are qualified, remains one of the best times to buy a home. The home selections are amazing throughout most price ranges. Home Prices remain real values and interest rates on mortgages are unquestionably low.
The numbers are something to talk about but the market fact show homes are great values for buyers and sellers. You can move up to a larger home less than you ever thought possible.
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