Insurance

Loans

Mortgage

Attorney


Insurance

Loans

Mortgage

Attorney

Foreclosure Sales Down in Detroit


Insurance

Loans

Mortgage

Attorney

Insurance

Loans

Mortgage

Attorney

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.


To view the original article, click here: http://www.housingwire.com/news/foreclosure-sales-fall-detroit


InsuranceLoansMortgageAttorney

Comments (0)

To view or post comments you must connect to Facebook via the "Connect to Facebook" button.
Connect to Facebook