National Association of REALTORS® Chief Economist Lawrence Yun gives an update on the state of Michigan as well as comparisons on the national level regarding the current state of the economy, unemployment and the real estate market. Lawrence Yun says in the video below, we are in the 4^th year of housing recession and moving towards stabilization.

Watch now: http://www.facebook.com/l/44df6;www.mirealtors.com/content/economicupdate.htm

He says nationally we are at approaching mid 1990’ activity level now. Pending sales have increased, but homes sales are taking longer to close. Some of this is caused in sales falling apart and delay from appraisal issues. Higher percentage of sales are happening in the distressed properties. Building of new homes is minimal, due to excessive inventory and builders having to compete with foreclosed properties.

Michigan real estate is recovering even if it is in pan per Dan Coffey, President of Michigan Association of REALTORS®. The data is below.

This is comprised of 41 local associations and Dan’s opinion is that Michigan has hit or is hitting bottom. Now in my opinion, bottom may be a flat line for years. The big issue is still an oversupply and unemployment. OK, Jennifer Granholm, get a move on it.

Doctor, doctor give me the good news. When can we all recuperate?

In our Ann Arbor Real Estate market from Jan – Jun 09’, our unit sales are down 7.8 percent and our average sales price is down 17.6 percent. Yes, real estate is very local. I would love to see buyers receive more incentives to buy and the Home Value Code of Conduct be revoked. We will see.

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Kathy Toth & Team: Ann Arbor Area Real Estate Experts

www.KathyToth.com

Keller Williams Realty

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