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Detroit Bank Foreclosures Fall to $25,000 Median Price

Foreclosure median prices in Wayne County versus national resale price

The current inventory of  bank foreclosed homes in Wayne County, MI has fallen to a $25,000 median price point. RealtyStore conducted its latest foreclosure trends study for the Detroit area and found the median price of foreclosed homes for sale has fallen nearly 17% since January, 2011.

List prices for foreclosed houses posted for sale by government sponsored enterprises (GSE's) Fannie Mae, Freddie Mac as well as HUD were mixed, however. Fannie Mae/Freddie Mac foreclosure prices rose to a median of $32,000, while the opening bid and purchase prices for HUD foreclosures in Wayne County show a surprisingly low average price of just $11,000.

RealtyStore's pricing analysis suggests the mix of foreclosures currently listed for sale has changed significantly since January. Banks are listing substantially more REOs for sale near Detroit between $10,000 and $25,000. This may reflect banks acting more aggressively to lower prices in hopes if increasing sales of their foreclosure inventory.

Freddie Mac and Fannie Mae foreclosures, on the other hand, are represented by a greater amount of foreclosure listings priced between $20,000 and $32,000 than earlier this year. The number of higher priced, more prime properties in the GSE's foreclosure portfolio are helping bring the overall median price up in Wayne County.

The median list price for all REO foreclosed homes from all government and bank sellers in Wayne County is $27,775. This price point is an incredible 82% below the NAR's most recently reported median price of $158,000 for resale homes nationwide.

Total foreclosure inventory is down in Wayne County at 9,194 individual foreclosed properties. This figure is 11% below January's total inventory count of 10,409.

(Data and statistics as of August 23, 2011)

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