Ann Arbor Area or foreclosures throughout Washtenaw County.
Many sellers ask me should we sell now or wait until the market comes back? I answer by telling them two things.
- Why are they selling?
- How do any of us know when the market is coming back?
According to recent data from First American CoreLogic on foreclosures for the Ann Arbor area, the rate of foreclosures among outstanding mortgage loans is 1.29 percent for the month of October, an increase of 0.59 percentage points compared to October of 2008 when the rate was 0.70 percent.
* Foreclosure activity in Ann Arbor is lower than the national foreclosure rate which was 3.02 percent for October 2009, representing a 1.73 percentage point difference.
However in Ann Arbor, the mortgage delinquency rate has increased. According to First American CoreLogic data for October 2009, 4.85 percent of mortgage loans were 90 days or more delinquent compared to 3.25 percent for the same period last year, representing an increase of 1.60 percentage points.
This is a current search as of today, December 10, 2009 of the homes that are bank or government owned in the Ann Arbor Area Board of Realtors MLS. There is a total of 97 single family homes; but 22 are under contract so 75 are available to purchase.
***Thanks to First American CoreLogic, a member of The First American Corporation (NYSE:FAF) family of companies, the largest provider of real estate, property and ownership data and advanced analytics for information on foreclosures, delinquencies, median home prices, home price indices, home valuations, sales activity and mortgage loan originations, for the use of their data in this post.***