Inventories lower than expected, more to come in the future...

Inventory for the August auction is lower than we have anticipated, due to the fact that Metro Detroit housing stocks have decreased overall.   For the second quarter in 2009, there was an 8.5-month supply of housing inventory in Livingston, Macomb, Oakland, Washtenaw, and Wayne counties.  The previous year, housing inventories were at a 13.9-month housing supply in the second quarter.  In addition, banks have been slow to release new bank owned properties as a result of the moratorium on new foreclosures from March 2009.

 We are anticipating, however, that the fourth quarter of 2009 will see an influx of new bank-owned properties coming on the market.