Foreclosure Sales Carry the Day

Wow, talk about a sign of the times. When I logged into our MLS system last night to look at the day's sales activity, I found that four of the five recorded sales for the day were bank owned property. That was truly astounding for me, bringing home the fact that foreclosure sales are one of the driving forces in today's Northern Michigan real estate marketplace.

Most of these Northern Michigan foreclosure sales are properties which are selling below the median home price, which varies by community, but which is around $176,000 so far this year for Emmet County as a whole.

Here is a snapshot of the foreclosure sales which were recorded yesterday, March 27, 2008.

8844 Luce Street, Oden
Sales Price - $40,000

846 Deer Run Court, Boyne City
Sales Price - $160,000

1212 Clarion Avenue, Petoskey
Sales Price - $135,000

6928 Milton Road, Alanson
Sales Price - $75,500

Note: Photos courtesy of Northern Michigan MLS.