What Percentage of Homes Do You Think Are Foreclosures?
On April 15, 2008, due to the number of buyers requesting "foreclosures" or "bank-owned" homes for sale, we felt it was important to start tracking the impact of foreclosures in our marketplace. Our goal was to see what percentage of homes currently on the market were actually foreclosures. What started out as basic information has turned out to be very valuable data, not only for our clients but also our agents. It has allowed us to better educate our buyers and sellers on what's really happening here in Macomb County.
We have continued to run these numbers weekly since then and have compiled a snapshot of August for the past 4 years below.
|Active % Foreclosed||15%||10%||12%||12%||15%|
|Pending % Foreclosed||54%||53%||36%||29%||26%|
Breakdown of the Data
- As you can see from the chart, the number of homes currently for sale has dropped significantly since 2008.
- The actual amount of foreclosures for sale, although high, was never what the press published. In Macomb County the number has stayed fairly constant with a high of 20.1% on 1/5/09 and a low of 8.1% on 11/22/09.
- Pending listings are homes that have an offer on them but have not yet closed. This number varies per month but as you can see we have almost as many homes for sale as we do pending. This is creating a huge shortage in our marketplace.
- The last number was quite shocking back in 2008 since we had so many homes for sale. Today that number has dropped due to the shortage of homes on the market.