A forecast report by CoreLogic released by the National Association of REALTORS for the Grand Rapids/West Michigan area at the end of August predicted a decline in foreclosure rates in the last half of the year. So far, this prediction has held true. As the charts below indicate, foreclosures have dropped in the Greater Grand Rapids area as a percentage of sales volume and the absolute numbers continue to hold steady with modest declines.
This is a good sign and indicator that the steady rise of home prices will continue as inventory levels remain low. In a related survey, the National Association of REALTORS statistical survey also indicated a drop in the 60 and 90 day delinquency rates. Business Week magazine reported a Bloomberg study in which Michigan is said to be recovering from the recession at the second highest rate in the nation, second only to North Dakota where the boon in economic recovery has been fueled in part by the discovery of oil.
If you are currently considering selling your home and may need to sell your home by Short Sale to avoid Foreclosure proceedings, please contact us for a confidential interview to review the options which may be available for you.
*Data Sources: National Association of REALTORS, Grand Rapids Association of REALTORS