Santa Barbara, CA  (MMD Newswire) January 13, 2011 — The newest foreclosure trends analysis from RealtyStore shows Wayne County, Michigan foreclosure listings post a median price point below $25,000. RealtyStore (www.realtystore.com), the nation’s leading provider of residential foreclosure listings and data, researched its database of 10,409 foreclosures recorded in Wayne County and found 2,769 currently listed for sale. Government sponsored enterprises, or GSE’s, such as Freddie Mac or Fannie Mae, HUD and the VA own a majority of the foreclosures presently for sale in the county.

43% of Wayne County foreclosures for sale are Freddie Mac or Fannie Mae foreclosure inventory. HUD homes comprise 9% of the area’s foreclosure listings, while VA foreclosures are under 1%. Bank foreclosures represent the balance of 48% of foreclosures listed for sale in Wayne County. However, the number of bank foreclosures currently on the market is only a portion of the total inventory of REO foreclosures in the county now owned by banks. 5,920 additional bank foreclosures are pending listing for re-sale.

“Bank foreclosures dominate the total foreclosure inventory in Wayne County, Michigan,” noted Peter Ranck, Vice President at RealtyStore. “But it appears that banks are carefully managing their foreclosure listings in the area and slowly bringing properties to market for re-sale. Our data counts 82% of bank foreclosures in the area are still pending listing for re-sale. In contrast, the GSE’s, have 54% of their total inventories pending listing for re-sale. This split of listing activity may be influencing foreclosure pricing in the area, as government foreclosures are priced on average below bank foreclosures.”

Pricing analysis for the Wayne County foreclosed housing market revealed a large display of remarkably low priced properties. The median home price for the market at large is $59,900, while foreclosure listings in Wayne County run $24,900 at the median, or 58% below the market at large. Considering prices by REO foreclosure seller, GSE’s offer the lowest median prices, lead by HUD homes with a median for sale price of $16,000. Freddie Mac or Fannie Mae foreclosure inventory comes in at a $22,500 median, while the few foreclosures available from the VA post a $27,000 median price. Bank foreclosures produced the highest median price, though still far below the market median price, at $30,000.

Glossary of foreclosure listings terms:
Median price = The mid point of all prices of homes listed for sale in the market. The point where half of homes for sale are priced above and half are listed below the reported median price.

REO = Real Estate Owned. Homes or land fully foreclosed upon and having title fully assumed by a lending institution, bank or a government sponsored enterprise (GSE) such as HUD homes, Freddie Mac, Fannie Mae or the VA.

Foreclosure listing = An REO property actively listed for sale with a posted for-sale price.

Shadow inventory = REO property which is in an institutional portfolio of owned assets, but is not presently listed with a price for re-sale on the public market.

About RealtyStore
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore’s mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore’s proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010)

Reporting methodology
The RealtyStore County Foreclosures Review provides the total number of REO (real estate owned) foreclosed properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders and inventory counts in any area can vary at any time. Counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.