Are we at the Bottom of the Market in Ann Arbor?

Recently I was at the General Membership Meeting for the Ann Arbor Board of Realtors. I kept hearing Realtors say we were at the end of the recession.    huh?

I disagree, because for the end to be here the housing market must recover. The Ann Arbor market has been “better” the last 6 months in the amount of activity we are seeing, but reality is we see this every Spring and Summer in Michigan.

Below is the most recent statement from Assistant Secretary for Financial Institutions Michael S. Barr written on Stabilizing the Housing Market before the House Financial Service Committee (a sub committee on Housing and Community Opportunity.

Written Testimony

Stabilizing the Housing Market

To read the Making Home Affordable Program Servicer Performance Report through August 2009, visit link.

If you click on the link you will see all the lenders who have thousands of banks where people are 2 months late on their mortgages.

Picture 6

Chart from the Making Home Affordable Program. Additional information on HAMP can be found on MakingHomeAffordable.gov or by calling Homeowner’s HOPE Hotline at 1-888-995-HOPE (4673).

This might be good news for the buyers in Ann Arbor or the outer County area’s but it is not good for the Sellers. Make sure if you are selling in Ann Arbor or Washtenaw County you are working with a Realtor who understands the Short Sale Process, many don’t.

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