real estate

Detroit home sale prices continue to improve

Steve Carmody — Tue, 26 Feb 2013 16:38:40 +0000

Detroit’s real estate market posted some of the strongest price gains in the nation in 2012.

The just released S&P/Case-Shiller Home Price Index charts home sale prices in the nation’s twenty largest cities.

Detroit home sale prices rose more than 13 percent last year, the third highest percentage increase in the survey.

Craig Lazzara is the head of Index Investment Strategy at S&P Dow Jones Indices. He compiled the report. Lazzara says, despite the rise in prices, homes in Detroit are still selling for about what they did in 1997.

Michigan man accused of defrauding Fannie Mae, Freddie Mac

Sarah Cwiek — Thu, 17 Jan 2013 01:11:47 +0000

A Wayne county man is facing criminal charges for allegedly defrauding federal real estate giants Fannie Mae and Freddie Mac.

Samer Salami, a real estate agent and broker for Fannie and Freddie,
is accused of obtaining properties they owned through Trademark
Assets--a shell company he secretly controlled--for an artificially
low price.

Salami would then turn around and sell the property to an actual,
higher bidder—pocketing the difference between the two sales, plus a
double commission.

Overall, it’s alleged Salami bilked the mortgage giants out of about
$488,000, through 22 such illegal housing sales in Wayne county.

Stateside: Andrew Herscher's "Unreal Estate Guide to Detroit"

Michigan Radio Newsroom — Mon, 10 Dec 2012 20:56:20 +0000

In “The Unreal Estate Guide to Detroit,” Andrew Herscher re-imagines unused city spaces as areas of possibility.

The city’s surfeit of abandoned buildings is, for some, an image of blight.

But according to Herscher, a variety of individuals are using Detroit as a site of experimental craft and commerce.

"Unreal Estate" is the term Herscher gives to urban space that has lost economic value to the point where it can support other types of development.

When land is used by homes it becomes real-estate; but when these properties fail, the buildings they occupy become available to be appropriated in other ways.

More Michigan mortgage lenders turning to 'short sales' to avoid home foreclosures

Steve Carmody — Thu, 01 Mar 2012 06:01:01 +0000

A surge in so-called ‘short sales’ is helping reduce the number of Michigan home falling into foreclosure.

Home sale prices plunging in Michigan

Steve Carmody — Mon, 06 Feb 2012 06:01:01 +0000

Home sellers in Michigan saw prices drop significantly in the last three months. And one analyst predicts it’s a trend that shows few signs of easing.

Clear Capitol reports Michigan home sale prices between October to January dropped by 5.3 percent compared to a year ago. And the overall trend is even worse.

Alex Villacorta is the director of Research and Analytics at Clear Capitol. He says home sale prices in Detroit were down nearly 12 percent. Villacorta blames the fact that half the homes sold in the Detroit during the last three months had been foreclosed. He says banks sold the repossessed home at discounted prices.

“With more than one in two homes selling as a distressed sale, it really puts significant downward pressure on home prices," says Villacorta.

Villacorta advises people not to put their homes on the real estate market right now if they don’t have to. But if you're in the market to buy a home, Villacorta has different advice.

“For a buyer, (this is) certainty a fantastic time to buy," says Villacorta, "(With) prices at levels not seen in decades…..with mortgage rates at record low levels it’s a great time to get in.” Villacorta says other markets around the country hit hard by the foreclosure crisis are showing signs of recovery. But not Detroit.