Metro Detroit Pre-Foreclosure Activity Drops 2.85% Year-Over-Year by saravanan2

VIEWS: 6 PAGES: 2

More Info
									Metro Detroit Pre-Foreclosure Activity Drops 2.85% Year-Over-Year

Default Research, Inc., today announced that the number of Notices of
Trustee Sales published in the metro-Detroit area in June 2012 declined
by 2.85% versus the same period in 2011. In June 2012, there were 1,535
Notices of Trustee Sales published in the Detroit metro area, compared
with 1,580 in 2011, a drop of 45.

Mount Pleasant, PA, US, August 27, 2012 -- Default Research, Inc.
(www.defaultresearch.com), today announced that the number of Notices of
Trustee Sales published in the metro-Detroit area in June 2012 declined
by 2.85% versus the same period in 2011. In June 2012, there were 1,535
Notices of Trustee Sales published in the Detroit metro area, compared
with 1,580 in 2011, a drop of 45.

The drop within the tri-county area that comprises the area in which
these figures encompass, the improved Notices of Trustee Sales picture
doesn’t show total uniformity. Wayne County’s 789 Notices of Trustee
Sales showed the biggest improvement, a decline of 3.43% in June 2012;
Oakland County -2.62% (409); Macomb County -1.75% (337).

Default Research, Inc. Vice-President Burt Cooper said the modest
improvement in Detroit-area pre-foreclosure activity is yet another piece
of evidence that the metro-Detroit housing market has improved
dramatically from its former lows.

“If the reduction in Notices of Trustee Sales were just a one-time thing,
I’d be much more cautious about reading too much into these figures,”
said Cooper. “But what we’re seeing in metro-Detroit is an endless
drumbeat of improving housing-related numbers, which signals a local
housing market on the rebound.”

Cooper points out that two other crucial data points – homes sold and
home prices – are also much improved. He said these figures paint a
picture of a healthier, more robust real estate market. “I really like
what I’m seeing in metro-Detroit. A 3.4% spike in homes sold seems
somewhat modest, until you take into consideration that prices are up by
25%.” Cooper said. “This is a massive improvement, and it shows that
competition for some properties is fierce.

Cooper said some of the most-desired properties in metro-Detroit remain
budget-friendly properties desired by bargain hunters and real estate
investors, some which can be purchased for about the price of a new car.

“If a buyer can get their hands on a house in Detroit for $25,000-
$35,000, they have a much better value than a new car today because the
value of that asset will only rise as the market improves further,”
Cooper said.

“By investing in Detroit bargain properties today, buyers could easily
see the kinds of returns that will enable them to pay cash for a fleet of
cars down the road. And that’s powerful!”

Contact :
Burt Cooper
Default Research, Inc.
609 N Church St, Ste #5
Mount Pleasant, PA 15666
888-211-8396
info@sbretail.com
http://www.defaultresearch.com

								
To top