housing market

New report: Detroit home sale prices up 10 percent from last year

Michigan Radio Newsroom — Wed, 26 Dec 2012 20:08:48 +0000

A new report says housing prices are climbing in Detroit.

Home sale prices in major cities increased by about 4 percent from October 2011 to October 2012, and Detroit is rebounding more than twice as quickly.

However, news isn't all good for the city's housing market. Detroit still has the least expensive houses of any major U.S. city.

That's according to the Standard and Poor's Case-Shiller Home Price Indices. The monthly report tracks the prices of existing, single family houses in metropolitan areas.

David Blitzer works on the index. He says Detroit has seen the largest housing recovery of any city since it bottomed out.

"It has rebounded substantially, but it's certainly not rebounded even to where it was in the year 2000," he said.

Housing advocates, landlords argue over housing code changes

Lindsey Smith — Mon, 26 Sep 2011 10:45:31 +0000

Dozens of rental property owners and housing advocates are expected at a meeting in Grand Rapids this week. The rise of foreclosures could prompt the city to change parts of its housing code.

The city inspects rental properties with two or more units. They check for fire alarms, peeling or chipping lead paint, and other safety hazards. But single family homes for rent are exempt from inspections.

Foreclosure filings down in Michigan, analyst gives some credit to government programs

Steve Carmody — Thu, 11 Aug 2011 05:01:01 +0000

Michigan’s foreclosure rate continues to fall. A new report shows another month with a sharp decline in foreclosure filings in the state. RealtyTrac reports home foreclosure filings in Michigan declined by 15% from June to July. The filings were down 42% compared to July 2010.

A foreclosure industry analyst says one reason for the decline is banks are taking advantage of government programs designed to keep people from losing their homes. Government anti-foreclosure programs have been the target of critics who say the programs have not kept people from losing their homes.

But Daren Bloomquist with Realty Trac says this year’s downward trend in home foreclosure filings is probably due at least in part in part to the much maligned anti-foreclosure programs. He says banks and other lending institutions are becoming more interested in taking part in those programs.

“A short sale…a loan modification….is looking a lot better in their eyes than it was even last year. It’s looking like a much better alternative than foreclosure to them.”

Bloomquist says the glut of repossessed homes will continue to depress home sale prices through probably 2015. He says keeping more homes from being repossessed may help reduce the glut of homes clogging the housing market.

Oakland County: Fannie, Freddie dodging taxes

Sarah Hulett — Wed, 20 Jul 2011 21:00:00 +0000

There’s a David-and-Goliath story about to play out in federal court in Detroit.

Oakland County Treasurer Andrew Meisner says Fannie Mae and Freddie Mac are illegally dodging millions of dollars in taxes. The government-backed mortgage giants were created by the federal government, but they were spun off decades ago as hybrid enterprises with a policy mission and a profit motive.

Experts: Housing price rise isn't a trend, especially in metropolitan areas

Scott Neuman — Wed, 29 Jun 2011 17:39:16 +0000

Realtors are hoping an uptick in home prices reported on Tuesday is the beginning of a turnaround, but industry experts say it's too soon to tell if the improvement is anything other than a seasonal blip.

The Standard & Poor's/Case-Shiller home price index reported that prices in April rose in 13 of the 20 cities tracked. Washington, D.C., saw the biggest price increases, followed by San Francisco, Atlanta and Seattle.

The index, which covers metro areas that include about 50 percent of U.S. households, rose 0.7 percent, the first increase since July 2010.

David M.

No progress for Midwest's housing market

Michigan Radio Newsroom — Thu, 05 May 2011 13:47:47 +0000

Things continue to look bad for the Midwest housing market. Seven of the lowest performing major markets in the nation are from the Midwest and Detroit leads the pack. Sean McSweeney is with Clear Capital, a national real estate valuation company. McSweeney says while Detroit faces many challenges, there are still reasons Detroit home owners should be hopeful.

Michigan home prices continue slide

Thu, 09 Dec 2010 14:15:14 +0000

Michigan home prices continue their downward slide and the trend shows little sign of stopping.

Home prices in Michigan declined about 9% in the third quarter, a downward trend that started in April as government buying incentives began to dry up.

Michigan foreclosure rate stable, but still higher than last year

Lindsey Smith — Thu, 14 Oct 2010 19:11:41 +0000

Michigan’s home foreclosure rate has stabilized, but is still much higher than the national rate. One out of every 98 homes in the state is in the foreclosure process.

Daren Bloomquist is a spokeman for RealtyTrac, a company that tracks foreclosures.