Home Sales Improving In Metro Detroit

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FARMINGTON HILLS, Mich. -- The year 2009 ended on a hopeful note for home sales in parts of metro Detroit.

The multiple listing service Realcomp II Ltd. reported sales in December compared to the same month in 2008.

In the southeast Michigan area that includes greater Detroit and the Thumb area, it reported sales were up 10.5 percent in December.

Home sales in Oakland County rose 23.4 percent and were up 35.3 percent in Macomb County.

In Wayne County, sales in December were down 8 percent from a year ago and in Detroit, the sale of homes declined 38.7 percent.

Home sales in Oakland County are getting a boost from a program offered by the county's Economic Development and Community Affairs department.

The Oakland County Home Buyers Program makes money available for qualified lower-income residents to purchase a foreclosed home.

Home buyers with incomes at or below 50 percent of the area median income who also have a good credit rating and meet other requirements can qualify for the program.

It allows home buyers to obtain financing for 51 percent of a foreclosed property with the county providing the remaining 49 percent of the costs plus money for improvements.

Repayment to the county is deferred until property ownership changes.