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Michigan Tax Foreclosure Property Listings Sales Up



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By : John Cutts    99 or more times read
The impact of foreclosure is evident in the growing tax foreclosure property listings in Michigan in February of the current year.

In Detroit, tax foreclosure property listings sales increased in February but sales of new and existing houses declined, according to RealComp, a company that provides online information resources to the real estate market and agents.

RealComp tracked tax foreclosure property listings sales in five counties of the region and its data showed a total of 2,352 foreclosure homes sold in February, a significant increase from the 1,202 tax foreclosure property listings sales in the same period a year ago.

The data is a complete opposite for sales of new and existing houses which declined to 1,829 from 2,389 in February of 2008.

Tax foreclosure property listings sales in Detroit jumped to 676 this year from 465 the previous year. Meanwhile, sales of new and existing homes tumbled to 201 in February 2009 from 465 in 2008.

In Livingston County, tax foreclosure property listings sales increased to 67 from 21 units while sales of new and existing homes declined to 66 from 83.

Elsewhere in Oakland County, a total of 529 foreclosure homes were sold, an increase of 245 units from the 284 properties disposed in February of last year. For non-foreclosure properties, 529 properties were sold, making a difference of 5 units from the total 534 sold last year.

In Macomb County, 344 homebuyers acquired foreclosure properties this year as opposed to only 154 of last year. Only Macomb County posted a sales increase in new and existing homes this year, from 329 to 344.

On the other hand, Wayne County posted more than 90 percent increase in sales of distressed properties from 656 units to 1,193. Just like other counties in Michigan, excluding Macomb, Wayne County also reported a significant decline in sales of new and existing homes, from 825 the previous year to 560 the current year.

Meanwhile, St. Clair reported a minimal sales increase of 13 repossessed homes to 56 of this year from 43 the previous year. Only 7 new and existing homes were subtracted from the total 44 units sold in 2008.

Overall, the tax foreclosure property listings sales in Michigan increased to 4,182 units or 16.5 percent from 3,591 sold the previous year.

To top it all, median sale prices of homes in Michigan continue their downhill trend by 42.6 percent compared with the previous year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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