Foreclosure Sales Down in Detroit
Monday, May 14, 2012 — A drop-off in April foreclosure sales in the Detroit market reflected better on conditions in the suburbs than in the inner city.
Foreclosure sales fell 14.7% in the metropolitan area and 31.5% in inner Detroit from a year earlier, according to April home sales data from Realcomp.
Metro median prices saw a huge resulting jump, climbing 18.6% from April 2011 to a still-modest $70,000.
But in inner Detroit, which includes the cities of Hamtramck, Harper Woods and Highland Park, prices rose only 2.3% to a paltry $9,000, by way of comparison.
Foreclosure sales, despite the plunge, continued to make up the bulk of inner Detroit home sales, accounting for 64% of all deals last month. Metro foreclosures made up a smaller, though still significant, portion, accounting for 43% of all sales.
All home sales dipped 2.2% in metro Detroit and 22.2% in the inner city from April 2011. Non-foreclosure sales rose 10% in the metro area.
On-market inventory improved in both areas, falling 20.4% and 22% in the metro and inner city, respectively.
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