Chip RealEstate

Foreclosures in Oakland County +71% Feb. 2010

2010-03-23T09:49:00.000-07:00

20,028 Michigan properties were the subject of foreclosure filings in February 2010. The number is up 59 percent from the same time last year.
Foreclosures in Oakland County rose 71 percent In February 2010, from February 2009. Foreclosures in Wayne jumped 69 percent, and in Macomb by 53 percent. **

Investors and home buyers will continue to have a huge choice of properties throughout 2010.

**From The Detroit News:
http://www.detnews.com/article/20100323/METRO/3230358/Foreclosure-rights-often-unknown-to-Michigan-renters#ixzz0j188P1c5

http://www.Chip-RealEstate.com

124 Homes - Seller Financing in Oakland County, MI

2010-03-07T07:58:00.000-08:00

124 homes available under $200,000 with seller financing in Oakland County, MI (as of 03-03-2010).
Chip @Realfi.com

Cell (248) 931-0084

REALFi
REAL ESTATE AND FINANCE IN ONE
34 S. Telegraph Rd
Waterford, MI 48328
Office (248) 886-0000
eFax (248) 287-4152

90 properties under $20,000

2010-02-08T09:18:00.000-08:00

90 properties under $20,000.
Excellent time for investors in Oakland County, MI
www.Chip-RealEstate.com

Chip@Realfi.com

Michigan no longer number 1 in foreclosures 2009

2010-01-26T18:24:00.000-08:00

Michigan in 2009 was no longer number 1 in the amount of foreclosures in the country. That distinction went to Nevada with 10.2% of all housing filing foreclosure during the year. Arizona (6.1%) and Florida (5.9%) came in second and third, while the overall rate in the U.S. was 2.2% in 2009.

Oakland County had 17,475 foreclosure filings in 2009, making it the fifth highest in the state. That equates to 3.33% of housing in the county. The top three counties in foreclosure rater were Wayne (3.9%), Macomb (3.8%) and Lapeer (3.4%).

In looking strictly at the quantity of foreclosures, Oakland County is ranked #2 in the state. Wayne county is in first place with 32,366 and then Oakland’s 17,475.

Oakland County statistics:

Number of Foreclosure Filings, 2009 17,475
% of Housing Units 3.33
1/30 of every Housing Units, in 2009, went into foreclosure

Number of Foreclosure Filings, 2008 15,504
Number of Foreclosure Filings, 2007 10,359
Number of Foreclosure Filings, 2006 5,040
% Change Foreclosure Filings (2008-2009) 12.71
% Change Foreclosure Filings (2007-2009) 68.69
% Change Foreclosure Filings (2006-2009) 246.73

Source: RealtyTrac, Inc. 01/15/2010

Real Estate Sales Statistics for total 2009

2010-01-18T13:05:00.000-08:00

Oakland County, Michigan ~ Real Estate Sales Statistics for the total year of 2009

Compared to total 2008:

Unit sales were +20.5% at 16,633 properties sold

However the median price dropped by 29.9% to $96,621 ($137,825 in 2008)

A significant figure is the drop in quantity of properties available for purchase in Oakland County, MI. The reduction in properties has been a problem for buyers since summer of 2009. The total year end number is

10,923 properties for sale, which is -25.3% compared to 14,618 available in 2008

FHA Suspends 90 Day Seasoning Rule

2010-01-16T10:07:00.000-08:00

FHA Suspends 90 Day Seasoning Rule
Good news for investors, effective 02/01/2010

Investors have been burdened in quickly re-selling investment property, as HUD has a regulation that says a property is not eligible for FHA insurance if the contract of sale for the purchase of the property is executed within 90 days of the prior acquisition by the seller.

So if you buy a property, rehab it and develop an appreciated value, a home buyer can not get an FHA loan until after 90 days. A serious delay in receiving a return on the investment.

But that changes effective February 1, 2010.

You may see the HUD announcement by going to their web site with the following link:

http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

10 multi-unit properties available - seller financing

2010-01-05T10:45:00.000-08:00

10 multi-unit properties available - seller financing
Under $200K ea ~ Oakland County, MI
As of 01/02/2010
Chip RealEstate ~ Chip-RealEstate.com
(248) 931-0084 call for details

5 Lake Front Homes - seller financing

2010-01-04T08:10:00.000-08:00

5 Lake Front Homes - seller financing
Under $200K ea - Oakland County, MI
As of 01/02/2010
Chip RealEstate Chip-RealEstate.com
(248) 931-0084 going fast

seller financing IS AVAILABLE

2010-01-03T12:22:00.000-08:00

16 Homes are available - with seller financing
Under $100,000 each; in Oakland County, MI
Each with 3+ BR, garage, basement
As of 01/03/2010

Chip RealEstate www. Chip-RealEstate.com
(248) 931-0084 going fast

Real Estate Sales Through August 2009

2009-10-06T11:02:00.000-07:00

The real estate sales reports for Oakland County Michigan for the total year 2009 through August are indicative of how the market has been affected during the summer months.
The number of properties sold the first 8 months of 2009 increased by 11.9% to 1,527.
However, the average sale price dropped by 21.6% .
The average time on market shows that properties are selling 3 times faster than last year.

Housing Affordability Highest Level In 18 Years

2009-05-21T20:43:00.000-07:00

72.5 percent of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000.

May 18, 2009 - Nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo
Housing Opportunity Index (HOI) released today.

Source: http://www.nahb.org/news_details.aspx?sectionID=0&newsID=9250

$8000 Tax Credit On Your Home Purchase

2009-05-14T14:13:00.000-07:00

First time home buyers (those not owning a house in the last 3 years) can receive up to $8,000 tax credit when they buy in 2009.

The property does NOT have to be a foreclosure.
The buyer does NOT have to repay the 2009 tax credit.
There are income limitations.

Call me for a brochure (248) 931-0084

Foreclosures sales 2009

2009-04-17T12:12:00.000-07:00

Foreclosure sales in Oakland County Michigan:
March 2009 were 64.2% of total real estate sales (745 of 1,160 total);
February 2009 sales of foreclosures were 57.6% of total real estate sales (529 of 919 total).
January 2009 foreclosures were 59.2% (522 of 882 total).

Single family sales for SE Michigan are +29.8% compared to this time last year.
+33% comp to 2007. (March sales: 5,426 for 2009; 4,810 in 2008; 4,079 in 2007)

Average days on the market decrease by 3 weeks from 123 days to 101 days.

Inventory of properties available is -20.9% from 65,091 in March 2008 to 51,492 in 2009.

Foreclosures - Michigan First Quarter

2009-04-17T12:03:00.000-07:00

FORECLOSURE UPDATE

This chart from Detroit New April 2009 shows Michigan with 33,184 foreclosures in the first quarter of this year. Of course you must add that number to the 120,000 from last year.

This results in an astonishing amount of properties available that are below market value, below their assumed value, and have high potential for built in equity. A high cash flow income property is possible.

. . . . .

Many of these properties need very little work to make them move-in ready.

Use my method of applying 5 systems to examine and create a metric that will reveal the potential in the future value of the property

Foreclosed Properties ~ Oakland County, Michigan

2009-04-12T22:19:00.000-07:00

Properties are now available at prices never imagined.

Oakland County, Michigan

For a new home, find a house for a fraction of the true value.

By using a Real Estate Professional who specializes in forclosures, you will be ensured of the best price with safety in the transaction, contracts that are written to protect YOU.

Contact Chip RealEstate ~ Realfi ~ Waterford, MI (248) 931-0084

~ Licensed in Michigan