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Fewer people bought formerly foreclosed homes in Michigan in the third quarter of the year. 

Federal home buyer tax credits spurred home sales in Michigan and the rest of the country during the first half of the year.  Daren Bloomquist with Realty Trac says July through September home sales slumped without those incentives.  He says Michigan’s foreclosed home sales dipped 26%.

Bloomquist says:

Some of the sales you would have seen in the third quarter were pushed forward to the second quarter.  So, there was a little artificial inflation in those numbers. These numbers in the third quarter are a little bit lower than normal.

People who bought one of the 95 hundred formerly foreclosed homes that sold in Michigan in the third quarter of the year got a good deal.  The average sale price was about 41% cheaper than similar homes sold at the same time.

Abandoned house in Flint, MI
Flickr user jamesharv2005 / Creative Commons

More houses are coming down in Flint. Kristin Longley reports in the Flint Journal that 174 houses will come down by December 31st. That's on top of the 125 houses city crews are expected to take down by the end of the year.

Flint union leader Sam Muma says city crews can't take down all the homes scheduled for demolition:

"There's no way the crews I represent, the city employees, can handle all that. We have a situation quite unique in our time."

Building a knee wall in an attic
Rebecca Williams / Michigan Radio's The Environment Report

Habitat for Humanity says it's saving money by fixing up foreclosure in Michigan, rather than building new. The Environment Report's Rebecca Williams visited volunteers working on rehabbing a house in Ypsilanti Township. Megan Rogers with Habitat says rehabbing foreclosures costs about 1/3 less than building new, but it can be a bit more challenging:

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