How did home buyers in Macomb County MI pay for their purchases in October 2009? A Macomb County MI real estate market report

A bit of a twist to my home sales market report for October '09 in Macomb County MI:

I thought it would be informative for home owners to see how home buyers in our area are purchasing
their homes - is FHA still "king", or are cash buyers taking the lead?

Macomb County had 917 residential homes sold during the month of October 2009, which is an
increase from this time last year (730 homes sold.)

Sales prices county wide are still falling, with the average sales price being $91,890 compared to $101,574
in October of 2008. It is a sharp decrease county wide, but some cities / townships showed increases.
(Please feel free to call or email me for a detailed report for your area. I would be happy to provide the information for you - no fees for this service.)

How were buyers paying for their homes? The chart below will show a breakdown of how these 917
homes that sold in Macomb County MI were purchased last month.

With the large number of cash purchases we can still see that investors are buying the lower priced homes, taking advantage of this buyers market to increase their portfolios of rental properties. The large number of FHA and VA buyers also tells me that the first time home buyer tax credit had home buyers out in full force to take advantage of the money being offered to help them.

All of the data above was collected by Mirealsource™ and it's participating brokers and agents, and is deemed to be reliable but not guaranteed. As always, if you want specific information regarding your neighborhood or home, please feel free to contact me for a no pressure analysis.