New Lending Guidelines May Be Helping Southeast Michigan Real Estate Housing Market

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on June 26th, 2008

The good housing numbers continue for Southeast Michigan real estate in Oakland County Michigan. May 2008 sales are up by 9.3%, pending sales are up by 15.6%, and listing inventories are down by 7.43% as compared to May 2007. 37% of the homes sold were bank owned down from approximately 50%. I believe the worst is over as, in all fairness, the banks are no longer lending money to individuals with poor credit scores. As less bank owned homes are placed on the market, the laws of supply and demand will eventually stabilize home prices.

This statistical information has been obtained from Realcomp, the REALTORS MLS. Realcomp is Michigan’s largest Multiple Listing Service. Although not guaranteed, these statistics are from data Realcomp believes to be reliable. This information is not to be reproduced, redistributed, or combined with data from other sources without expressed permission from Realcomp.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
Call:  248-514-2640

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