Metro Detroit Pre-Foreclosure Activity Drops 2.85% Year-Over-Year

Aug. 27, 2012 - PRLog -- Mount Pleasant, PA, US, August 27, 2012 -- Default Research, Inc. (www.defaultresearch.com), today announced that the number of Notices of Trustee Sales published in the metro-Detroit area in June 2012 declined by 2.85% versus the same period in 2011. In June 2012, there were 1,535 Notices of Trustee Sales published in the Detroit metro area, compared with 1,580 in 2011, a drop of 45.

The drop within the tri-county area that comprises the area in which these figures encompass, the improved Notices of Trustee Sales picture doesn’t show total uniformity. Wayne County’s 789 Notices of Trustee Sales showed the biggest improvement, a decline of 3.43% in June 2012; Oakland County -2.62% (409); Macomb County -1.75% (337).

Default Research, Inc. Vice-President Burt Cooper said the modest improvement in Detroit-area pre-foreclosure activity is yet another piece of evidence that the metro-Detroit housing market has improved dramatically from its former lows.

“If the reduction in Notices of Trustee Sales were just a one-time thing, I’d be much more cautious about reading too much into these figures,” said Cooper. “But what we’re seeing in metro-Detroit is an endless drumbeat of improving housing-related numbers, which signals a local housing market on the rebound.”

Cooper points out that two other crucial data points – homes sold and home prices – are also much improved. He said these figures paint a picture of a healthier, more robust real estate market. “I really like what I’m seeing in metro-Detroit. A 3.4% spike in homes sold seems somewhat modest, until you take into consideration that prices are up by 25%.” Cooper said. “This is a massive improvement, and it shows that competition for some properties is fierce.

Cooper said some of the most-desired properties in metro-Detroit remain budget-friendly properties desired by bargain hunters and real estate investors, some which can be purchased for about the price of a new car.

“If a buyer can get their hands on a house in Detroit for $25,000-$35,000, they have a much better value than a new car today because the value of that asset will only rise as the market improves further,” Cooper said.

“By investing in Detroit bargain properties today, buyers could easily see the kinds of returns that will enable them to pay cash for a fleet of cars down the road. And that’s powerful!”

Contact :
Burt Cooper
Default Research, Inc.
609 N Church St, Ste #5
Mount Pleasant, PA 15666
888- 211-8396
info@sbretail.com
http://www.defaultresearch.com