Bank Foreclosures Median Price $65K Under Oakland County Michigan Market

Jan. 21, 2011 - PRLog -- Santa Barbara, CA ---  A study of foreclosure trends data in Oakland County, Michigan showed foreclosure listings post median prices significantly below market median home prices. The study reviewed the 4,888 foreclosures recorded in Oakland County. One-third of all foreclosures in the county are currently listed for re-sale on the market. Of the foreclosures listed for sale, bank foreclosures and Freddie Mac / Fannie Mae foreclosure inventory comprise 60% and 36% of the total respectively. In addition, each of these REO foreclosure sellers also show median list prices at over 45% below the market median home price, according to RealtyStore, the leading provider of residential foreclosure listings and data nationwide

"Foreclosure listings continue to gravitate to ever lower prices," noted Peter Ranck, Vice President at RealtyStore. "Real estate foreclosures in Oakland County Michigan are no exception. Median pricing of both Fannie Mae - Freddie Mac foreclosed houses as well as bank foreclosures hover around $75,000. That is nearly $65,000 below the market median price of $139,900 for the county."

Prices in Oakland County remain higher than neighboring Wayne County, but the complexion of REO foreclosure sellers differs between the counties. In Oakland County, government owned foreclosures make up a larger portion of the total inventory of foreclosures. Overall, government sponsored enterprises, or GSE's, own 36% of Oakland's foreclosures, versus 30% of those in Wayne. See here for listings details for Oakland County Michigan foreclosures http://www.realtystore.com/foreclosures/michigan-foreclos... .

Government foreclosure pricing was analyzed by seller in Oakland County. HUD homes post the lowest median price at $36,040 and range in list price from $14,000 to $130,000. Freddie Mac - Fannie Mae foreclosure prices for a single family home range from $3,500 to $374,900, with a median of $72,750. Bank foreclosures show a median of $75,000 and range from $5,000 to $1.8 million.

A substantial shadow inventory of real estate foreclosures is still pending listing in Oakland County. Over 65% of bank and Fannie Mae - Freddie Mac foreclosures are not currently listed for re-sale. How this shadow inventory might affect future prices is yet to be determined.

More information on national foreclosure listings: http://www.realtystore.com/foreclosures .
HUD homes can be viewed with http://www.realtystore.com/foreclosures/hud-homes

Reporting methodology
RealtyStore (www.realtystore.com) Foreclosure Trends studies provides the total number of REO foreclosure (real estate owned) properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders and inventory counts in any area can vary at any time. Counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.

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About RealtyStore
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010)