From a recent press release – IRVINE, Calif. – Dec. 13, 2012 — RealtyTrac® (http://www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for November 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 180,817 U.S. properties in November, a decrease of 3 percent from October and down 19 percent from November 2011 — marking the 26th consecutive month with an annual decrease in foreclosure activity. The report also shows one in every 728 U.S. housing units with a foreclosure filing during the month. See the entire report by clicking here.
The RealtyTrac report is consistent with what I’ve seen locally in the 9 markets that I track – Milford, Commerce, Highland, White Lake, West Bloomfield, South Lyon, Green Oak, Brighton and Hartland. At the nadir of the recent recession the distressed sales rate in those markets (which includes foreclosures and short sales) was running above 50% in nearly every one. Now there isn’t a single market at that level and a couple (Milford & South Lyon) have been in the single digits for a while now.
Home values have returned, too, with several markets now consistently exceeding $100/ Sq Ft on sales. Milford is now averaging better than $110/ Sq Ft. New home sales are up too, as builders return to the market, especially in South Lyon. Almost all of the markets that I track are nearing that mark.
There are still good deals to be had and the mortgage rate remains at all-time lows, so it is still a good time to buy; however, those who have continued to wait have missed the bottom of the market. For would-be sellers, now is the time to get in. A lack of inventory is driving up prices fast than normal appreciation and homes in good condition are selling fast, sometimes within a week or two.
If you haven’t check lately, at least get a current market analysis done by a good Realtor (fortunately you already know one) to see if you are still under water. Many people don’t realize that the market has already come back enough to bring them back to breakeven or better. If your plans to move have been on hold, now may be the time to dust them off and start getting excited again.