Economics Dept. Too: Real Estate Sales Down

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Foreclosure sales in metro Detroit rose in June from year-ago levels while non-foreclosure sales plunged, according to new figures from the Farmington Hills real estate information form Realcomp II Ltd.

Throughout the 10-county region, foreclosure sales were 2,483 in June, up 5.8 percent from 2,347 in the same month a year earlier.

Meanwhile, non-foreclosure sales were 3,680, down 12.7 percent from 4,213 in June 2010.

Regionwide, the median sale price on foreclosure sales was $33,500, down 6.9 percent from $36,000 in June 2010. And the median sale price on non-foreclosure sales was $110,975, down 3.5 percent from $114,950 a year earlier.

Only the city of Detroit and lightly populated Tuscola County managed an increase in non-foreclosure sales, and only Livingston and Tuscola counties managed an increase in the price of those homes. Foreclosure sales rose in Genesee, Huron, Livingston and Macomb counties.

The average days on market for a home for sale for the entire market fell by nine days from a year ago to 90 days. Inventory also continues to decline, at 32,372 units as of June 30, down from 38,387 a year earlier. Of that total inventory, only 3,839 are foreclosures.

By submarket, sales were as follows:

Detroit: 436 foreclosure sales, down 6.6 percent from 467 a year earlier. 219 non-foreclosure sales, up 3.3 percent from 212 a year earlier. Median sale price on foreclosure sales, $7,500, unchanged. Median sale price on non-foreclosure sales, $13,000, down 13.3 percent from $15,000 a year earlier.

Genesee County: 196 foreclosure sales, up 232.2 percent from 59 a year earlier. 241 non-foreclsoure sales, down 50.5 percent from 487 a year earlier. Median sale price on foreclosure sales, $25,893, down 26 percent from $35,000 a year earlier. Median sale price on non-foreclosure sales, $84,450, up 38.2 percent from $61,100 a year earlier.

Huron County: Two foreclosure sales, up 100 percent from one a year earlier. Eight non-foreclosure sales, up 60 percent from five a year earlier. Median sale price on foreclosure sales, $73,750, down 45.3 percent from $134,900 a year earlier. Median sale price on non-foreclosure sales, $45,650, down 34.6 percent from $70,000 a year earlier.

Lapeer County: 41 foreclosure sales, down 12.8 percent from 47 a year earlier. 44 non-foreclosure sales, down 12 percent from 50 a year earlier. Median sale price on foreclosure sales, $66,199, up 8.3 percent from $61,136 a year earlier. Median sale price on non-foreclosure homes, $122,500, up 2.5 percent from $119,500 a year earlier.

Livingston County: 71 foreclosure sales, up 4.4 percent from 68 a year earlier. 157 non-foreclosure sales, down 10.3 percent from 175 a year earlier. Median sale price on foreclosure homes, $102,334, up 3.6 percent from $98,750 a year earlier. Median sale price on non-foreclosure homes, $169,000, up 8 percent from $156,500 a year earlier.

Macomb County: 408 foreclosure sales, up 4.9 percent from 389 a year earlier. 555 non-foreclosure sales, down 7.3 percent from 599 a year earlier. Median sale price on foreclosure homes, $41,750, down 8.2 percen from $45,500 a year earlier. Median sale price on non-foreclosure homes, $91,000, down 7 percent from $97,900 a year earlier.

Oakland County: 533 foreclosure sales, down 6.7 percent from 571 a year earlier. 1,147 non-foreclosure sales, down 6.1 percent from 1,222 a year earlier. Median sale price on foreclosure homes, $54,200, down 11.9 percnet from $61,500 a year earlier. Median sale price on non-foreclosure homes, $148,250, down 2.5 percent from $152,000 a year earlier.

Sanilac County: Six foreclosure sales, up 100 percent from three a year earlier. Six non-foreclosure sales, up 20 percent from five a year earlier. Median sale price on foreclosure homes, $23,500, down 65.9 percent from $69,000 a year earlier. Median sale price on non-foreclosure homes, $132,150, up 55.5 percnet from $85,000 a year earlier.

St. Clair County: 43 foreclosure sales, unchanged. 65 non-foreclosure sales, down 5.8 percent from 69 a year earlier. Median sale price on foreclosure homes, $34,500, down 36.1 percent from $54,000 a year earlier. Median sale price on non-foreclosure homes, $119,000, up 19 percent from $100,000 a year earlier.

Tuscola County: six foreclosure sales, down 25 percent from eight a year earlier. 13 non-foreclosure sales, up 8.3 percent from 12 a year earlier. Median sale price on foreclosure homes, $26,550, down 2.6 percent from $27,250 a year earlier. Median sale price on non-foreclosure homes, $98,500, up 28.8 percent from $76,450 a year earlier.

Wayne County excluding Detroit: 614 foreclosure sales, down 0.8 percent from 619 a year earlier. 834 non-foreclosure sales, down 10.3 percent from 930 a year earlier. Median sale price on foreclosure homes, $34,854, down 10.6 percent from $39,000 a year earlier. Median sale price on non-foreclosure homes, $80,000, down 11.1 percent from $90,000 a year earlier.

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