Good News

Have you seen less and less foreclosure signs in your neighborhood?

Will There Be More Foreclosures in 2014?

Happy Holidays and Merry Christmas Eve everyone! The holidays are always an exciting time of year. They are a time to celebrate, relax and to be thankful. It is also a great time to be with friends and loved ones.

We wanted to share with you something that you and your loved ones, and actually any American, can celebrate this holiday season. On this Christmas Eve, we would like to share fantastic news about the housing market.

According to an article published by the Detroit Free Press, Daren Blomquist, RealtyTrac vice president stated,

        “The depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis."

No one will contest that the last 5 years have been difficult. Prior to this housing crisis, foreclosures were an uncommon occurrence. Then suddenly, many Americans saw foreclosure signs pop up in their own neighborhoods. Since 2006, over 7.7 million homes fell into foreclosure, went through a short sale or were lost in a home distressed sale.

Good News

The good news to celebrate this holiday is that the season of foreclosure is coming to an end.

The Statistics

If you are like me, you are probably thinking, “that sounds good, but where are the numbers?” In the same Detroit Free Press article, we learned that November proved to be a great month. Foreclosure activity was down by 37% from a year ago in November. That is the lowest foreclosure numbers we have seen since December 2005.

Even Better News

Michigan was not even one of the states with the highest foreclosure rates. Those states were: Florida, Delaware, Maryland, Illinois and South Carolina.

The article also pointed out that there might be a little fight from foreclosures during this coming year. However, it was reported that a foreclosure comeback that could threaten the housing recovery was “highly unlikely”.

What Does This Mean For You?

This positive news means that right now or sometime in 2014 might be the perfect time for you to move into your dream home. You may have been waiting and stayed in a home that your family has outgrown. Now is the ideal time to take the next step and start looking for your next house.

Michigan is the perfect state to do that in. With lower costs of living and the rebounding economy, you can get a lot of home for your money. Cities like Northville and Novi, Michigan offer a small town feeling while being close to a big city. If you have any questions about moving into these areas or if you are eager to start looking, please call our office at 248-348-7200. We would be honored to help.

Have a wonderful holiday week everyone, and please make sure to visit this page on Thursday if you would like to know where to go out for New Year’s Eve.