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Economy

Pre-foreclosed homes selling briskly in Michigan

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Steve Carmody/Michigan Radio
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Michigan continues to see homes in the foreclosure process selling at a brisk rate.

About 24% of the homes sold in Michigan during the third quarter of the year (July-September) were in some stage of the foreclosure process.

Realty Trac reports that’s about 5% higher than the national average.

Georgia had the highest percentage of pre-foreclosure homes among residential sales at 38%.

The average pre-foreclosure home in Michigan sold for just under 86 thousand dollars or about 10% more than a year ago, but down 12% from the second quarter of 2012 (April-June).

Analysts say the rise this year in short sales is driving the pre-foreclosure home sale market.  A short sale is where a bank or other lender agrees to accept less than what is owed on the property.  That’s seen as a cheaper alternative to banks than repossessing the property and then waiting months or years to sell it.

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