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Reduction in the number of foreclosures on the market in Macomb County MI

September 1st, 2009 · No Comments · macomb county mi real estate market, Tax credit for first time home buyers in Macomb County MI, tips for home buyers, Up to $8000 1st time home buyers tax credit

If you have been out and about looking at homes for sale in the Macomb County area then you surely have noticed that the number of homes on the market that are foreclosures (bank owned) is less than what it was a few months ago.

Part of the reason for this lower number of bank owned homes in our market is the law that was passed and became effective June 1st of this year giving homeowners a 90 day reprieve if they ask their mortgage lender for help with a work out on their loans.

As I am scouring the MLS databases for homes to view for my buyer clients I am again reminded of this new law and moratorium for home owners.  In previous months there were 30-50 homes easily to send to my buyer clients for them to review.  Now we are lucky if there are 10 homes for them to preview, and most of those are subject to short sale approval.

Again, if you are thinking about purchasing a home to take advantage of the first time home buyers tax credit that expires November 30th of this year, you should start getting all of your ducks in a row now.  Not only are we running out of time for full mortgage approval during the process, but the number of homes that are available has been dwindling.

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