Michigan’s home foreclosure crisis of a few years ago can still be felt by the state’s real estate industry.
In February, 2011, 35.3% of the homes sold in Michigan were distressed homes: formerly foreclosed on or being sold short for a loss.
In May of this year, 18.6% of home sales involved distressed homes.
Realty Trac reports Michigan home prices continue to improve, claiming the median sale price for a Michigan home last month was $100,000, that’s up 18% in the past year.
There is one negative note. Home sales volume dipped by 3% last month in Michigan, compared with May 2013.