Home Sales Dropping, But Officials in Kalamazoo Michigan Optimistic
Highlighting the low demand and sluggish market that have been plaguing Michigan for most of the past few years and contributing to its sinking property values, the amount of property sales in the Kalamazoo area fell again in April for the fourth consecutive month. However, the rate at which homes sales are declining is slowing, which may signal the beginning of a turnaround in the market.
For the first 3 months of the year, home sales in the area fell a total of 11% over the same period in 2007. However, April only saw a 3% decline, raising the hopes of market economists and those involved in the local real estate industry.
Foreclosures continue to be a problem in the Kalamazoo area however, as local agents report that they are contributing heavily to falling property values. The foreclosure rate is currently up over 14% higher than it was at this time last year, and people are worried that it may continue to grow. However, the area is also seeing increased interest in foreclosed home purchase, a possible sign that the inventory will decrease taking pressure off the property value of nearby properties.
Officials on the whole seem optimistic about the Kalamazoo foreclosure homes scene, as many are predicting that now that problem mortgages and homeowners in danger of default have been recognized, they may have seen the worst of the problem pass.
Another top cities in Michigan:
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- Muskegon Foreclosure Listings
- Saginaw Foreclosure Listings
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