Michigan leading nation out of foreclosure crisis
EAST GRAND RAPIDS, Mich. (WOOD) – A recent Fannie Mae survey of more than a 1,000 Americans shows confidence in selling a home climbed to 23% in January 2013, up from only 11% in January 2012. There are signs West Michigan is doing even better. Houses are being built and are up for sale around the region. Janis Azkoul is a homeowner trying to sell in East Grand Rapids. “This home needs a family to live in it and love it as much as we do,” said Azkoul. She could be in luck: This spring is expected to be a good time to sell. “For Grand Rapids, if I include all houses, we can see the end of the foreclosure problems here,” Grand Valley State University Economics Department Chair Paul Isely told 24 Hour News 8 Thursday. Isely said virtually every market across West Michigan is seeing prices start to rise for the first time in five years. For example, he said, a slice of Cascade Township between East Grand Rapids, Ada and north Kentwood has had particularly strong sales for the past two years. It seems that as Michigan went into the foreclosure crisis before the rest of nation, it’s now coming out of it before everyone else. “We’re having fewer houses foreclosed on and we’re having people who are getting jobs faster than they are in the rest of the country,” said Isely. “All of that’s leading to more people able to purchase a house.” Azkoul has confidence her house won’t be on the market long. “This is our third house in East, and prior to this one we’ve sold our homes in a week, 12 days at the most,” she said.
While this spring could be a good time to sell a house, it could be a tricky time to buy one. There will be more competition and higher prices.
Story provided by WoodTV.com