Michigan Home Sales Continue To Drop

OXFORD (WWJ) – Home sales numbers continue to drop in southeast Michigan, falling 4.9 percent in Livingston, Macomb, Oakland and Wayne Counties for the month of April over 2010 numbers.

The average price of a home also declined by more than 15 percent.

WWJ spoke with John Burt of Real Living John Burt Realty in Oxford, who said he was hoping for better results.

“The numbers that have come out weren’t really the best looking numbers that we had.  And the reason that I would say that is because I think that there’s kind of a shortage of home buyers, and I think that that’s because it’s just getting harder and harder to finance a home,” Burt said.

Burt said part of the problem is, in some cases, it is taking five to six months for deals to go through the banks, which often frustrates buyers until they just walk away from the sale.

But, in the banks’ defense, Burt said they are forced to work with tighter government policies which have created a new, higher standard for lending.

  • http://spinnernews.com/lastest-home-finance-news/ Lastest Home Finance News | SpinnerNews

    […] Michigan Home Sales Continue To Drop Home sales numbers have fallen 4.9 percent in Livingston, Macomb, Oakland and Wayne Counties for the month of April over 2010 numbers. Read more on CBS Detroit […]

  • http://ReallivingGreatLakes.com Debra Mason

    As a Realtor in north Oakland County. The only sales I see taking 5 to 6 months to close are the short sales. Foreclosure homes if they are nice homes are selling quickly. The fact is, I can’t always find homes that suit my buyers needs. The inventory is saturated with a glut of homes that have been on market for a while due to issues that Buyers don’t want to deal with. It appears that the mortgage market is loosening a bit, we just can’t find enough homes for our buyers to choose from. I believe this is why our sales are down. Look at days on market for recent sales, homes are going under contract quickly if they are nice. We just need the banks to approve short sales more quickly.

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