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Metro Detroit Real Estate Voice

Metro Detroit real estate expert, Al Block, provides editorial, statistics, real estate listings, and useful community information to SE Michigan consumers--the Tri-County area population centers of Macomb, Oakland, and Wayne Countes and the surrounding area. Al Block, abr,gri,sres,qsc is a real estate industry veteran serving the industry since 1987. He is a Realtor for RE/MAX First, a limited licensed Appraiser and owner of Block Appraisal Service, and also an expert in real estate finance. Contact him at 1-800-SOLD-678

Thousand of title problems with bank owned properties (a must see video and read).

Watch this video after reading below (fast forward to 3 min. mark) 

This case involves a term you may have heard called "robo-signing".  MERS (Mortgage Electronic Registration System) is a vital system in the world of mortgage financing and serves as an electronic registry designed to track servicing rights and ownership of mortgage loans in the United States.  MERS maintains that its process eliminates the need to file assignments in the county land records which lowers costs for lenders and consumers by reducing county recording fee expenses resulting from real estate transfers and provides a central source of information and tracking for mortgage loans. MERS' role in facilitating mortgage trading was relatively uncontroversial in its early days a decade ago but continued fallout from the subprime mortgage crisis has put MERS at the center of several legal challenges disputing the company's right to initiate foreclosures.

A Michigan Court of Appeals decision in Residential Funding vs. Saurmer (the "MERS case") has voided thousands of foreclosures resulting in Banks, HUD, and other lenders pulling thousands of REO properties off the market because of improper foreclosures.  This has caused the cancellation of hundreds of closings in the past two weeks.  The MERS case does have <span><span>act fast- </span>the distressed properties will be coming back on the market in September or sooner!</span><span><span>a silver lining,  </span>however, as it has created an opportunity for savvy agents and homeowners to sell privately owned properties with less competition. Because of the MERS case, thousands of distressed, cut price Bank inventory will be off the market for at least four months while lenders go through the entire foreclosure procedure all over again. These properties will miss the </span>

<span> </span>

<span>Short Sellers can also benefit from the MERS case, If they are already deep into the foreclosure process, their Lender has to go back to square one on their foreclosure, This will give the Short seller additional leverage in their negotiation, as the Lender faces an additional 9 to 21 month delay in foreclosing on the property.</span>

by Al Block | 0 Comments

August sales statistics for Oakland County (2010 vs. 2009)

This data compares Oakland County (individual communities)  sales in August 2009 versus August 2010.  With the expiration of the Federal tax credit, August figures for many communities reflect a drop in sales and value.

 Click here:  http://www.mcaronline.com/resources/OC_stats_MR_Aug10.pdf

by Al Block | 0 Comments

August sales figures (Macomb County), hot and not so hot.

This data compares Macomb County sales (individual communities)   August 2009 versus August 2010.  With the expiration of the Federal tax credit, August figures for many communities reflect a drop in sales and value.

 Click here:  http://www.mcaronline.com/resources/MC_stats_MR_Aug10.pdf

by Al Block | 0 Comments

Oakland County, Michigan 1st Quarter Real Estate Sales Statistics

As a public service I am providing you the much anticipated 1st Quarter Real Estate Sales statistics for Oakland County, Michigan detailing the most popululated communities such as Troy, Royal Oak, Rochester/Rochester Hills, Farmington, Bloomfield Hills, Birmingham, Southfield, Novi, Pontiac, and more.   Click here for secure download of these statistics.

Please call/email if you have any questions about interpreting this data.

Al Block is a licensed Realtor and Ltd. Licensed Appraiser serving Macomb, Oakland, & Wayne Counties since 1989.

by Al Block | 0 Comments

Macomb County, Michigan 1st Quarter Real Estate Sales Statistics

As a public service I am providing you the much anticipated 1st Quarter Real Estate Sales statistics for Macomb County, Michigan detailing the most popululated communities such as Warren, Sterling Heights, Romeo, Utica/Shelby Township, Roseville, Saint Clair Shores, Mount Clemens, and more.   Click here for secure download of these statistics.

Please call/email if you have any questions about interpreting this data.

Al Block is a licensed Realtor and Ltd. Licensed Appraiser serving Macomb, Oakland, & Wayne Counties since 1989.

by Al Block | 0 Comments

Government Springs HAFA without an April Fool's Punchline: Streamlined Short Sale Program Affects Home Buyers & Sellers

 

HAFA stands for Home Affordable Foreclosure Alternatives Program, but don't let the nice name fool you.   Proof is in the results, so time will tell.  Read on.

Quickly, I will give some perspective on one of many reasons why the current real estate market has become devalued and unstable. However, if you spent a week in my shoes, you may agree with my personal feelings on this program. I also will provide all of the facts about HAFA.  If mortgage servicers and the government do this right, it may help you or many people you know.

So every buyer wants a deal, right? It's a buyer's market... a dream come true?

Not really. Very few truly know the chaotic experiences most buyers incur trying to purchase a home today. What is happening to the sellers? Their problems also mirror the buyer's problems.

Approximately 7,600 single family homes currently are listed for sale in the Southeast Michigan/Detroit Metropolitan area (Macomb/Oakland/Wayne Counties). A vast majority of that number involve sellers who are "hopelessly trying" to sell their property at a price point that pays off their mortgage(s) and closing costs. They are happy to sell and receive little to no money at closing. 

Key word is "hopeless." These properties are flooding the market with a catch-22 situation which leaves frustrated buyers attempting to negotiate offers down to a more realistic, market price butting heads with those "equity strapped" sellers unable to sell. Typically, those same sellers are unwilling to make concessions to sell, such as paying off negative equity or performing a "short sale", which involves negotiating with their lender(s) to take less than what is owed.

Out of those 7,600 homes, about 750 sellers ARE willing to do a short sale, but some buyers avoid this notion like the plague due to the "unknown" factors involved.  These unknown factors create struggles for the real estate industry such as:

  • Lengthy "wait time" to get an answer from a lender (most cases are 1 to 6 months)
  • Non-standardized processes
  • Non-standardized criteria for approval
  • Non-standardized forms, and
  • Unknown impact to seller's credit

For most sellers, the negative impact to credit defeats the purposes of selling the home in the first place. They want to sell and buy another for a myriad of reasons. In some cases, the impact to the seller's credit is no better than if they would just "walk away."  

To add even more salt to seller's wounds, the Government's has added "tax credit" incentives to buyers. In order to obtain that credit, a buyer must purchase before May 1, 2010 and close before July 1, 2010. Short sales may derail the timeframe and hope of obtaining the desired incentive.

The above explains why so many buyers bypass any property sold by "private sellers" and focus solely on the homes which offer an easy, affordable green light to ownership - the BANK OWNED home.  Out of the above 7,600 homes, almost 1,000 homes are NOT OWNED by private sellers.  So when most of the buyers focus on these homes, two things happen.

  • First, many buyers for a limited inventory (basic premise of supply and demand) causes multiple offers on a single property, which leaves many buyers disenchanted, because every time they find a desired house, they roll the dice on receiving an accepted offer. Of the buyers who "win the bid", they also are left with "behind the scenes" struggles not encountered in traditional house sales.
  • Second, most banks place properties on the market at very competitive prices, and many times, at prices 20%-50% below market value which spur bidding wars. With a majority of the buying public focusing on the bank-owned home, the impact to values and those private sellers is obvious.

That is why HAFA needs to be explained and embraced.  In theory, the new U.S. Treasury's solution to the short sale/foreclosure crisis will solve all those unknown factors steering buyers and sellers away from this option. This program rolls out in early April 2010. Some lenders may use HAFA earlier. Here are the main points:

  1. Property must be seller's principal residence.
  2. Sale cannot be related to parties (arm's length transaction).
  3. Lender must consider seller for HAFA within 30 days of request.
  4. Mortgage on property originated before 1-1-2009.
  5. Delinquency or default is foreseeable. Foreclosure proceedings suspended upon application for HAFA.
  6. STANDARDIZED FORM/PROCESS:  See the links at the end of this article for more details and downloads.
  7. Unpaid principal balance is less than $729,250 and is a FNMA/FREDDIE.
  8. The monthly mortgage payment (PITI) exceeds 31% of borrower's gross monthly income.  (If this does not apply, it is uncertain if the traditional short sale method will apply or if #4 is factored.)  Editor Note: This could be the "hanging chad" for many sellers and it is my opinion this requirement should be reconsidered.
  9. PRE-APPROVAL for a short sale is an option so a selling price is determined in advance of listing a property for sale. Upon pre-approval, seller has 120 days to sell the property (Editor Note: Gray area - does sell mean contract date or closing date?)
  10. Property must be listed with a licensed real estate agent.  Real estate fees to real estate agents will not be reduced less than 6%.
  11. Second/subordinate lien holders (2nd mortgages) can be offered 3% of its principal balance up to a cap of $3,000 each, paid out of closing proceeds.
  12. Seller incentive: $1,500 towards relocation expenses. You must move out at closing or represent there are not "tenancy" agreements between seller and buyer.

13.  Impact to credit, seems to be clearer than before:  

  • Reporting should be as follows:
  • Short Sales
  • o Account Status Code = 13 (paid or closed/zero balance)
  • o Payment Rating = 0, 1, 2, 3, 4, 5, or 6
  • o Special Comment Code = AU (account paid in full for less than the full balance)
  • o Current Balance = $0
  • o Amount Past Due = $0
  • o Date Closed = MMDDYYYY
  • o Date of Last Payment = MMDDYYYY

      14.The above is just a basic overview. The program also has specific requirements allowing homeowners to be considered for a "Deed in Lieu" (DIL) of   foreclosure if a short sale is not possible.

If the above does not appear to serve a simple explanation of this government-sponsored program, it actually is. Remember, we do not assume the explanations or the process will be easy.

Hopefully come April, many homeowners and purchasers will embrace and enter into the short sale process. If the plan works and gains popularity, a significant increase in short sale transactions will occur, which in turn, will stabilize the markets with a reduced amount of bank owned homes.

It is the "chicken/egg" relationship. Fewer sellers will walk away from their "under water" position knowing they have an escape that works.  Buyers will open up to seek homes owned by private sellers. 

And for Realtors like myself, I can look forward to less stress and fewer trips to the psychiatrist.

For all the details, see the following links and downloads:

Tutorial for lenders but may give sellers the "inside" point of view:  

http://hmp.launchcontent.com/p/3648439092/DocumentViewRouter.ashx?Cust=36484&DocumentID=a13f710a-a21c-4f85-b1e3-91f81b45475b&Popped=True&InitialPage=player.html

https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html

https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf

https://www.hmpadmin.com/portal/docs/hamp_borrower/hafa/hafaletters_ssagreement.doc

https://www.hmpadmin.com/portal/docs/hamp_borrower/hafa/hafaletters_ssapprovalreq.doc

https://www.hmpadmin.com/portal/docs/hamp_borrower/hafa/hafaletters_ssaltapproval.doc

 

by Al Block | 0 Comments

How is Macomb County, Michigan real estate? Here is what you need to know for the most current statistics.

In order to properly interpret these figures or to find out the specific value of your property, please contact Al Block of RE/MAX First at 1-800-SOLD-678.

 Click here for First Quarter 2009 Macomb County statistics.

by Al Block | 0 Comments

How is Oakland County, Michigan real estate? Here is what you need to know for the most current statistics.

In order to properly interpret these figures or to find out the specific value of your property, please contact Al Block of RE/MAX First at 1-800-SOLD-678.

 ***Just click on the attached document to see the First Quarter 2009 Oakland County real estate sales statistics for your community.

by Al Block | 0 Comments


Attachment(s): 1st quarter 2009 Oakland.pdf

Let’s Talk Taxes ... anyone buying a house this time of year beware ... May 1st approaches. Don't get stuck.

Real Estate …. Are the taxes for real?

 

By

Al Block, abr,gri,sres,qsc

 

            Taxes, like them or not, they are here to stay.   As you begin your home search and browse various property listings, whether online, or as provided by your Realtor, it IS NOT safe to assume what is in print is always what the taxes will be for you when YOU buy it.  Let’s discuss the various reasons.

 

            In the State of Michigan, and many other states, there are HOMESTEAD PROPERTY TAXES and NON-HOMESTEAD PROPERTY TAXES.  Homes and condominiums that are classified as HOMESTEAD, typically means that the owner resides in the property and has claimed it as their principal residence.  Under this classification, the property taxes are typically at the lowest rate.  In contrast, if an owner does not occupy or claim it as their principal residence, it is referred to as NON-HOMESTEAD.  This last classification is very typical for properties that are currently bank-owned or tenant occupied.  An owner must own, occupy, and claim a property as their principal residence with their local assessing department prior to May 1st of each year in order to qualify for the lowest rate.  So how does this affect you?  Around this time of year, if you are purchasing a home that is currently NON-HOMESTEAD, the tax you may see on a property listing may lower as much as 35% upon you claiming a HOMESTEAD.  Conversely, if you are not able to own, occupy, and file the essential document to claim your HOMESTEAD prior to May 1st, it is very likely you will have to pay all or a portion of the NON-HOMESTEAD rate for that year.  The best people to discuss this issue with is your Realtor and/or the Assessor and/or Treasurer that has authority over the property in question.  

 

            Even if you are aware of the above tax classification, the taxes still may change again when you take ownership. Properties are taxed also based upon what the local tax assessor computes the value to be.  To be very clear, this is what the taxing authority values the property at.   The TAXABLE VALUE is a value at which property taxes are computed and billed by.  The STATE EQUALIZED VALUE (S.E.V.) is what the tax assessor believes a property is worth.  These two numbers have a relationship.  The TAXABLE VALUE typically goes up every year by a small amount (cost of living index, etc.).  However, the S.E.V. can go up and down but does not change what you pay in taxes UNTIL an ownership change occurs.  At that time, what is the S.E.V. now becomes the TAXABLE VALUE for the new owner, thus typically raising the tax for the new owner.  To estimate what your taxes will be when you make a purchase, your Realtor can research these numbers and give you some estimation of what the tax change may be for you.  (You can contact the local Assessor or Treasurer and they should be able to provide you these numbers and some estimation as to how the “pop-up” tax may affect you.)

 

            Last, another issue to consider is if the tax printed on a property listing is totally correct.   At first glance, when researching taxes from a municipality’s website, the tax amount showing will reveal a total amount for the year.  However, it is a good idea to verify the itemization of that number.  For example, if a previous owner did not pay delinquent water bills or a ticket for a city ordinance violation, that cost will be placed on to the tax billing.  This is more typical of bank-owned properties and those in the process of foreclosure.  To find out the itemization, many municipalities show their itemized tax billing for each property online or are glad to discuss this topic over the phone or at their offices.

by Al Block | 0 Comments

A real solution to Michigan property tax problems ....

This may be a very "on the surface approach that merely touches the surface, but in principle, I think it would work well.  Below is an opinion editorial I wrote in a Michigan tax online forum:

 Any one who is on the side that Michigan's property tax climate is good or "not bad" does not own a lot of property and is not a real estate professional.  My name is Al Block.  I am a RE/MAX agent in the Metro Detroit area.  With out going into a lot of detail ... YET, "ad valorem" taxes in general are unfair.  Here is the explanation that even the most liberal, tax-loving Michigander will agree with.  Ad Velorem is a latin term that our property taxes are based upon ... based on the "value" of your property.  If you study a tax assessor's field sheet, a majority of the value for your State Equalized Value which eventually trickles to your Taxable Value is the improvements to that land.  Improvements are dwellings, out-buildings, and land improvements (driveways, walkways, decks, etc.).  So, you take 2 property owners.  The first guy/gal has a 1 acre lot with $50,000 of improvements.  Another has a 1 acre lot with $100,000 of improvements.   The 2nd person pays double the taxes.  Please tell me why that would be fair.  They BOTH own the same share of land in the city/township where they are located.  They both breath the same amount of air, take up the same amount of space, it is just that the 2nd has more money.  That is AD VELORUM taxation.  Here is how Michigan, and many other states, can correct this issue.       Property taxation would be based upon a property owner's fair share of the  city/townships budget based upon their share ownership of land.  Now, this proposal, I know would raise my own taxes.  But what is right, is right.  So, based upon my idea, if you own a 1 acre lot (using easy numbers here), you will pay half the tax burden as someone who owns a 2 acre lot, double your size, double your share.  So, for simple math.  If a city/twp. has a $100,000 budget to run all its services/government, and their are 100 land owners, all that has to be done is do the calculation of what their "share or stock" is in that city, and divy up the needed revenue.   This way, there is no argument about taxable values, home values, or a big tax bill because some idiot builds a 5 million dollar mansion on a postage size lot.  That idiot would still have the same taxes as someone who builds a 2 bedroom, 700 s.f. home on the same size lot.  Why?  Because their share of ownership of that town is the same.  Think of it like a public corporation.  If you own 100 share of stock, you have half the ownership value of someone who has 200 share of stock. 

I welcome debate if I am way off on this one.  I have not even touched the surface on how our current property taxation system hurts property values, limits investment, and drives people into financial ruin.  All I speak/write of is from "in the trenches" experience being on the front lines of Michigan real estate.  Until you help people buy and sell properties, you don't really see the impact.

Sincerely,

Al Block
Realtor/Appraiser
RE/MAX First, Inc.
1-800-SOLD-678

by Al Block | 0 Comments

MOVE FOR FREE!!! Suburban Detroit Realtor's answer to slowing economy.

A picture is worth a thousand words and explains it all.  Al Block, a 20 year veteran of the real estate industry, has purchased a 24 foot commercial box truck for free use by his clients that either purchase or sell a property with him.  Quoting Mr. Block... "I purchased this actually a year ago and really have not gotten around to spreading the news publicly, just basically telling my clients it is at their disposal if they wish.  It also provides me a "neighborhood billboard" as it sits in a homeowner's driveway as they load it to move.  It has really gone over quite well, especially the client can move at their leisure instead of renting a truck for one day and having to get it back.  They can keep it as long as they wish, if no other client has schedule it.  There really has been no issues, yet."   CLICK ON THE PICTURE TO SCHEDULE THIS TRUCK FOR YOU.

 

Move for free! 

by Al Block | 0 Comments

2005-2008 real estate sales statistics for major Metro Detroit region, bank owned vs. private owners

This is by far a very definitive collection of data and graphs collected by MIRealsource, Inc. MLS. 

Click here to download.

by Al Block | 0 Comments

Al Block elected: Director: Metropolitan Consolidated Association of Realtors -Troy, MI

Al Block, a 20 year veteran of the Metro Detroit real estate industry will serve on the Board of Directors of the largest local Association of Realtors in the State of Michigan.  He served a term as Director of the Macomb County Board of Realtors from 1997-2001 and then served later as Vice-President of a newly merged organizition comprised of 6,700 members (Metropolitan Consolidated Association of Realtors) until 2004.  Al Block has served in various capacities as Chairman of the Public Relations Committee and Chairman of the Grievance Committee.  He has also served the Association in other voluntary capacities since the early 1990's. 

 Al Block is an Associate Broker at RE/MAX First, Inc. in Clinton Township, Michigan and serves Macomb, Oakland, and Wayne Counties.  He is a high profile, high volume Realtor and also a Limited Appraiser. 

 

Congratulations to newly-elected leaders. Click on Al's face to email him!

winners2009

Congratulations to (in alphabetical order) Al Block, Bill B., Susie M. and Pat R.. They received the most votes among the seven Board of Director candidates and will begin their terms in January of 2009.

Thanks to all candidates and to the MCAR REALTOR® members who voted online.

by Al Block | 0 Comments

Oakland County Real Estate Market Statistics--4th Quarter 2007

Here is the latest information comparing the difference between 4th quarter 2006 and 4th quarter 2007,

Stats show amount of listings, sales, sales volume, and differences in the average sale prices.  This is

very reliable datea.  Click here to open .pdf file.

 Oakland County map

Oakland County | Fourth Quarter 2007

City

2007 2006 Diff 2007 2006 Diff 2007 2006 Diff 2007 2006 Diff

Addison Township 41 40 2.50% 13 6 116.67% $4,118,590 $2,733,000 50.70% $278,432 $512,750 -45.70%

Auburn Hills 153 145 5.52% 22 37 -40.54% $3,092,700 $7,284,450 -57.54% $125,167 $177,233 -29.38%

Berkley 216 184 17.39% 44 69 -36.23% $6,267,980 $12,675,065 -50.55% $147,883 $177,967 -16.90%

Beverly Hills 117 126 -7.14% 16 24 -33.33% $4,205,400 $6,049,232 -30.48% $273,083 $239,583 13.98%

Bingham Farms Village 7 22 -68.18% 1 4 -75.00% $320,000 $116,479,781 -99.73% $320,000 $470,750 -32.02%

Birmingham 508 459 10.68% 72 78 -7.69% $19,547,810 $24,813,660 -21.22% $228,833 $330,833 -30.83%

Bloomfield Hills 98 78 25.64% 14 8 75.00% $1,894,600 $1,053,000 79.92% $244,600 $350,250 -30.16%

Bloomfield Twp. 625 554 12.82% 92 99 -7.07% $29,555,646 $39,438,900 -25.06% $270,333 $400,333 -32.47%

Brandon Twp. 105 110 -4.55% 36 21 71.43% $7,934,579 $4,262,000 86.17% $192,167 $197,000 -2.45%

Clarkston 10 16 -37.50% 0 6 -100.00% $0 $1,870,500 -100.00% $0 $332,917 -100.00%

Clawson 124 109 13.76% 30 49 -38.78% $4,029,897 $7,750,170 -48.00% $142,150 $154,083 -7.74%

Commerce Twp. 441 435 1.38% 60 94 -36.17% $15,429,883 $26,217,730 -41.15% $203,000 $246,500 -17.65%

Davisburg/Springfield

Township 106 104 1.92% 22 30 -26.67% $5,966,300 $8,414,313 -29.09% $239,967 $274,352 -12.53%

Farmington 112 137 -18.25% 17 31 -45.16% $2,190,600 $5,572,597 -60.69% $144,250 $180,317 -20.00%

Farmington Hills 868 974 -10.88% 146 164 -10.98% $30,373,755 $39,253,595 -22.62% $200,575 $230,000 -12.79%

Fenton 0 0 -- 0 0 -- $0 $0 -- $0 $0 --

Ferndale 351 334 5.09% 84 80 5.00% $8,832,675 $10,204,738 -13.45% $95,533 $116,979 -18.33%

Franklin Village 43 44 -2.27% 6 10 -40.00% $2,535,900 $4,395,400 -42.31% $331,967 $411,250 -19.28%

Groveland Twp. 48 37 29.73% 11 4 175.00% $2,324,900 $1,179,500 97.11% $224,000 $294,875 -24.04%

Hazel Park 257 259 -0.77% 53 51 3.92% $2,952,433 $3,835,324 -23.02% $52,525 $78,300 -32.92%

Highland Twp. 186 177 5.08% 33 33 0.00% $5,613,281 $7,124,739 -21.21% $162,350 $191,500 -15.22%

Holly Twp. 82 61 34.43% 19 11 72.73% $2,508,910 $2,070,781 21.16% $129,150 $204,860 -36.96%

Holly Village 60 60 0.00% 17 16 6.25% $2,074,637 $2,098,500 -1.14% $131,146 $121,257 8.16%

Huntington Woods 81 52 55.77% 6 11 -45.45% $2,133,200 $2,981,500 -28.45% $337,175 $266,900 26.33%

Independence Twp. 314 357 -12.04% 84 94 -10.64% $19,000,860 $28,864,271 -34.17% $208,698 $274,759 -24.04%

Keego Harbor 63 64 -1.56% 8 4 100.00% $1,175,500 $504,001 133.23% $155,000 $75,001 106.67%

Lake Angelus 8 3 166.67% 1 0 -- $1,000,000 $0 -- $1,000,000 $0 --

Lake Orion Village 46 56 -17.86% 5 14 -64.29% $1,701,650 $3,417,390 -50.21% $291,138 $227,147 28.17%

Lathrup Village 42 54 -22.22% 18 15 20.00% $2,518,170 $2,714,300 -7.23% $140,983 $188,367 -25.15%

Leonard Village 3 1 200.00% 1 0 -- $89,500 $0 -- $89,500 $0 --

Lyon Twp. 109 146 -25.34% 23 12 91.67% $5,636,700 $3,453,419 63.22% $231,167 $298,733 -22.62%

Madison Heights 275 268 2.61% 82 84 -2.38% $7,623,200 $9,874,633 -22.80% $95,167 $117,017 -18.67%

Milford Twp. 90 103 -12.62% 23 17 35.29% $7,515,900 $6,750,800 11.33% $303,500 $329,500 -7.89%

Milford Village 72 87 -17.24% 22 23 -4.35% $4,856,840 $4,383,200 10.81% $180,000 $173,483 3.76%

Northville 56 49 14.29% 6 11 -45.45% $1,564,895 $3,525,800 -55.62% $279,149 $313,000 -10.82%

Novi 585 796 -26.51% 101 100 1.00% $28,394,212 $30,022,499 -5.42% $246,700 $242,967 1.54%

Novi Twp. 7 2 250.00% 4 1 300.00% $1,226,500 $185,000 562.97% $317,000 $185,000 71.35%

Oak Park 330 302 9.27% 71 64 10.94% $6,088,740 $7,486,850 -18.67% $82,233 $120,308 -31.65%

Oakland Twp. 210 205 2.44% 51 41 24.39% $16,597,764 $15,185,978 9.30% $315,125 $366,667 -14.06%

Orchard Lake Village 32 23 39.13% 2 6 -66.67% $0 $2,028,900 -100.00% $0 $503,150 -100.00%

Listings Sales Sales Volume Median Sale Price

The housing market information on this page is not guaranteed, but is from data we believe reliable. Check MCARonline.com for updates and corrections. Oakland County statistics courtesy

of Realcomp II Ltd.

MCAR offers this information as a service to members and has tried to ensure that it is accurate. MCAR makes no warranty or guarantee concerning the accuracy or reliability of this

content; assessing accuracy and reliability of information is the responsibility of the user. MCAR is not liable for errors contained herein or for any damages in connection with the use of the

information.

City

2007 2006 Diff 2007 2006 Diff 2007 2006 Diff 2007 2006 Diff

Listings Sales Sales Volume Median Sale Price

Oakland County | Fourth Quarter 2007

Rose Twp. 40 42 -4.76% 8 5 60.00% $1,421,100 $1,037,900 36.92% $164,275 $216,125 -23.99%

Royal Oak 834 770 8.31% 171 211 -18.96% $29,578,968 $39,900,237 -25.87% $163,333 $173,000 -5.59%

Royal Oak Twp. 16 11 45.45% 3 6 -50.00% $136,900 $349,802 -60.86% $37,725 $70,833 -46.74%

South Lyon 149 134 11.19% 32 36 -11.11% $4,464,110 $7,093,960 -37.07% $140,000 $193,167 -27.52%

Southfield 918 808 13.61% 155 181 -14.36% $18,024,710 $29,289,930 -38.46% $117,500 $149,000 -21.14%

Southfield Twp. 1 1 0.00% 0 0 -- $0 $0 -- $0 $0 --

Sylvan Lake 33 27 22.22% 6 3 100.00% $848,600 $1,270,000 -33.18% $172,750 $367,500 -52.99%

Troy 582 629 -7.47% 151 161 -6.21% $33,526,812 $40,148,387 -16.49% $208,133 $233,333 -10.80%

Walled Lake 106 119 -10.92% 19 21 -9.52% $2,288,850 $3,282,500 -30.27% $115,283 $142,383 -19.03%

Waterford Twp. 792 770 2.86% 156 178 -12.36% $22,527,830 $29,842,489 -24.51% $132,917 $151,833 -12.46%

West Bloomfield Twp. 813 908 -10.46% 144 162 -11.11% $36,970,092 $44,861,306 -17.59% $230,583 $230,500 0.04%

White Lake Twp. 288 314 -8.28% 62 66 -6.06% $12,836,200 $15,090,000 -14.94% $202,167 $218,667 -7.55%

Wixom 87 92 -5.43% 25 21 19.05% $5,154,146 $4,594,748 12.17% $215,000 $219,167 -1.90%

Wolverine Lake Village 45 44 2.27% 16 10 60.00% $3,643,600 $1,399,000 160.44% $164,567 $160,167 2.75%

Totals 13,458 13,631 -1.27% 2,714 2,958 -8.25% $515,181,681 $773,804,296 -33.42% NA

Orion Twp. 295 298 -1.01% 58 92 -36.96% $11,395,250 $18,875,734 -39.63% $172,033 $196,917 -12.64%

Ortonville Village 18 16 12.50% 3 3 0.00% $306,900 $747,000 -58.92% $116,900 $243,750 -52.04%

Oxford Twp. 155 181 -14.36% 35 36 -2.78% $9,180,880 $9,204,090 -0.25% $233,080 $228,250 2.12%

Oxford Village 21 41 -48.78% 10 9 11.11% $1,407,250 $1,312,000 7.26% $104,950 $229,100 -54.19%

Pleasant Ridge 25 46 -45.65% 9 15 -40.00% $2,296,300 $3,922,300 -41.46% $340,717 $229,100 48.72%

Pontiac 694 629 10.33% 156 135 15.56% $6,612,577 $9,734,162 -32.07% $25,992 $64,750 -59.86%

Rochester 141 176 -19.89% 27 32 -15.63% $6,896,924 $10,365,168 -33.46% $244,567 $402,083 -39.18%

Rochester Hills 524 542 -3.32% 152 153 -0.65% $36,769,575 $45,328,067 -18.88% $220,100 $247,622 -11.11%

The housing market information on this page is not guaranteed, but is from data we believe reliable. Check MCARonline.com for updates and corrections. Oakland County statistics courtesy

of Realcomp II Ltd.

MCAR offers this information as a service to members and has tried to ensure that it is accurate. MCAR makes no warranty or guarantee concerning the accuracy or reliability of this

content; assessing accuracy and reliability of information is the responsibility of the user. MCAR is not liable for errors contained herein or for any damages in connection with the use of the

information.

by Al Block | 0 Comments

Macomb County Real Estate Statistics, September 2007 vs. September 2006 (list of all cities)

Statistical data compiled by Macomb County statistics courtesy of MiRealSource MLS.

http://www.mcaronline.com/images/reports/101907/MC_stats_MR_Sept07.pdf

Please contact me if you are in need of any information more specific to your situation.  I have the ability to compare dates fiscally, percentage losses based on style of home, type of real estate, etc..  Feel free to email me.  Information is also available for other counties.

 

MCAR offers this information as a service to members and has tried to ensure that it is accurate. MCAR makes no warranty or guarantee concerning the accuracy or reliability of this

content; assessing accuracy and reliability of information is the responsibility of the user. MCAR is not liable for errors contained herein or for any damages in connection with the use of the

information.

Listings Sales Sales Volume Average Sale Price

by Al Block | 0 Comments

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