The Foreclosure Moratorium in Michigan

Here is a direct quote from the powers that be within the Michigan Association of Realtors on the moratorium's effect (or lack of) for Michigan.

“The Michigan Association of REALTORS has met with experts in the field and state government to discuss recent national developments on foreclosures and their potential impact on our state. That impact, to date, is minimal or non-existent. Michigan is a “non-judicial” foreclosure state, meaning that Michigan’s legal protections for consumers and homeowners do not involve the procedures in question. Valid real estate contracts and mortgages remain enforceable and unchanged. There are no major anticipated legal challenges associated with recent headlines that will have an effect on our state.”

Ann Arbor Average Home Sales Price Comparison 2009 (Red) - 2010 (Blue)

September 2010 Ann Arbor Home Sales Market Report

Ann Arbor Home sales were flat in September. The average sales price for Ann Arbor home sales, 2010 Year To Date is $462 above 2009. The number of sales in September was up by 1.1% over September 2009.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Sales September 2009: 264
SFH Sales September 2010: 267
Increase: 1.1%

SFH Sales Y.T.D. 2009: 2,245
SFH Sales Y.T.D. 2010: 2,413
Increase: 7.5%

SFH Avg. Sales Price September 2009: $183,344
SFH Avg. Sales Price September 2010: $184,965
Increase: 0.008%

SFH Avg. Sales Price Y.T.D. 2009: $184,829
SFH Avg. Sales Price Y.T.D. 2010: $185,291
Increase: 0.002%