Economics Dept.: Foreclosure Sales Plunge
Sales of real estate in foreclosure plunged from year-ago levels across southeast Michigan in July, according to figures released Tuesday by the Farmington Hills real estate data provider Realcomp II Ltd.
Sales of real estate not in foreclosure increased slightly.
Overall, the area saw 5,226 total residential real estate sales in July, down 19 percent from 6,452 in July 2009.
Foreclosure sales numbered 1,978, down 39.6 percent from 3,275 in July 2009. Non-foreclosure sales were 3,248, up 2.2 percent from 3,177 a year earlier.
Prices rose for foreclosure sales, but fell for non-foreclosure sales. The median sale price on foreclosure sales was $37,556 in July, up 24.5 percent from $30,170 in July 2009. The median sale price on non-foreclosure sales was $108,000, down 9.2 percent from $119,000 in July 2009.
Realcom officials said that as expected, with the expiration of the first-time homebuyers tax credit for July, sales declined across the board with the exception of Huron County. On the plus side, overall median prices were up in most areas, including metro Detroit.
By submarket, the sales and price figures were as follows:
Detroit: 369 foreclosure sales, down 54 percent from 802 in July 2009. 171 non-foreclosure sales, up 54.1 percent from 111 in July 2009. Median sale price on foreclosure sales: $8,900, up 31.9 percent from $6,750 in July 2009. Median sale price on non-foreclosure sales, $13,500, down 38.6 percent from $22,000 in July 2009.
Genesee County: 67 foreclosure sales, up 1.5 percent from 66 in July 2009. 389 non-foreclosure sales, down 1.8 percent from 396 in July 2009. Median sale price on foreclosure sales: $55,000, down 5.9 percent from $58,462 in July 2009. Median sale price on non-foreclosure sales, $57,500, up 9.1 percent from $52,712 in July 2009.
Huron County: one foreclosure sale, up from zero in July 2009. Seven non-foreclosure sales, up 250 percent from two in July 2009. Median sale price on foreclsoure sales: $12,000. Median sale price on non-foreclosure sales, $225,000, down 10.6 percent from $251,750 in July 2009.
Lapeer County: 38 foreclosure sales, down 9.5 percnet from 42 in July 2009. 41 non-foreclosure sales, down 30.5 percent from 59 in July 2009. Median sale price on foreclosure sales: $69,950, up 55.5 percent from $44,982 in July 2009. Median sale price on non-foreclosure sales: $137,000, up 82.3 percent from $75,155 in July 2009.
Livingston County: 69 foreclosure sales, down 21.6 percent from 88 in July 2009. 140 non-foreclosure sales, up 6.1 percent from 132 in July 2009. Median sale price on foreclosure sales: $107,000, up 12 percent from $95,500 in July 2009. Median sale price on non-foreclosure sales: $169,500, up 11.5 percent from $152,011 in July 2009.
Macomb County: 308 foreclosure sales, down 37.4 percent from 492 in July 2009. 475 non-foreclosure sales, up 11.8 percent from 425 in July 2009. Median sale price on foreclosure sales: $44,900, down 6.5 percent from $48,000 in July 2009. Median sale price on non-foreclosure sales: $109,900, down 0.6 percent from $110,600 in July 2009.
Oakland County: 478 foreclosure sales, down 39.8 percent from 794 in July 2009. 902 non-foreclosure sales, up 7.1 percent from 842 in July 2009. Median sale price on foreclosure sales: $52,635, down 0.8 percent from $53,050 in July 2009. Median sale price on non-foreclosure sales: $145,000, down 5.8 percent from $154,000 in July 2009.
Sanilac County: seven foreclosure sales, down 56.3 percent from 16 in July 2009. Six non-foreclosure sales, unchanged from six in July 2009. Median sale price on foreclosure sales: $37,900, up 43 percent from $26,500 in July 2009. Median sale price on non-foreclosure sales: $98,500, up 92.2 percent from $51,250 in July 2009.
St. Clair County: 28 foreclosure sales, down 70.2 percent from 94 in July 2009. 59 non-foreclosure sales, up 9.3 percent from 54 in July 2009. Median sale price on foreclosure sales: $52,750, up 69.4 percent from $31,135 in July 2009. Median sale price on non-foreclosure sales: $121,000, down 9.3 percent from $133,420 in July 2009.
Tuscola County: 13 foreclosure sales, down 23.5 percent from 17 in July 2009. Eight non-foreclosure sales, down 46.7 percetn from 15 in July 2009. Median sale price on foreclosure sales: $24,000, down 40 percent from $40,000 in July 2009. Median sale price on non-foreclosure sales: $105,000, up 31.3 percent from $80,000 in July 2009.
Wayne County: 876 foreclosure sales, down 44.3 percent from 1,574 in July 2009. 916 non-foreclosure sales, up 12.1 percnet from 817 in July 2009. Median sale price on foreclosure sales: $23,000, up 48.4 percent from $15,500 in July 2009. Median sale price on non-foreclosure sales: $72,000, down 28 percnet from $100,000 in July 2009.
(c) 2010, WWJ Newsradio 950. All rights reserved.
