January 2009 Market Report

I know, its the first day of March, but better late than never.

The January statistics issued by our local MLS Realcomp indicated home sales continued their upward trend. In fact, sales increased 25.7% over January 2008.

Most home sellers who don't have to sell are staying put or leasing until things start to recover. Most homes on the market are well priced and inventory is down 21.1% over January 2008.

The first-time home buyer market remains strong and should continue with the recent passage of the $8,000 credit for first time buyers, which unlike the 2008 credit, doesn't have to be paid back. That's a nice incentive, which should hopefully spur more sales enabling move-up buyers to make their moves.

With changes every day, it's hard to keep up, but here are a few interesting stories I've come across:

• Freddie Mac to let residents rent homes after foreclosure
• MSNBC FirstRead's explanation of the Homeowner Afforability and Stability Plan
• A blog post with several resources for laid off workers
• Detroit Free Press article with advice for tax appeals

By the way, if you know anyone Michigan homeowners struggling to make their mortgage payments who might be facing foreclosure, please have them visit Save The Dream operated by the Michigan State Housing Development Authority (MSHDA). Their toll-free number is 866-946-7432 and directs homeowners to a foreclosure prevention counselor in their county.