More Short Sales and Residential Homes for Sale in Warren

Listings of residential homes for sale in Warren are showing more short sales, based on reports from local realtors. Total sales of Warren pre foreclosures and all other short sales in the ten-county Detroit metro area reached 2,284 in the first four months of 2010, a staggering 171-percent increase from 842 short sales during the same four-month period last year. Short sales have been accounting for around 10 percent of all home and condo sales in Greater Detroit, which includes Warren, as lenders continue to approve more short sales compared to the previous months. They lose money both from short sales and home foreclosures, but they lose less from short sales. Mortgage analysts said that lenders lose an average of 19 percent from short sales, much lower than the average of 40 percent that they lose from foreclosures. Short sales statewide can continue to increase as foreclosure activity continued to rise in May by nearly 6 percent month-over-month. There were 12,313 pre foreclosures in Michigan in May, accounting for 60.6 percent of total filings statewide during the month. More than 8,000 became bank owned residential homes for sale, making up 39.4 percent of total statewide filings. Michigan moved up the foreclosure charts in May to fifth place from seventh in April, as it continued to post more foreclosures. It replaced Utah which moved down to ninth and surpassed Idaho which moved down from sixth to seventh. Despite the continued increase in foreclosures, Michigan is hopeful that it can rise from its current difficulties. The slight improvement in its employment in situation in April was a positive development. The continued commitment of General Motors and other manufacturers to the state is also a major factor for its recovery. GM has set aside $700 million for the production of the hybrid electric car Volt in eight factories in Michigan, including the GM Technical Center in Warren. With stepped up efforts to create manufacturing jobs, Michigan officials hope that listings of residential homes for sale will soon include fewer distressed units.

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