Southwest Michigan Market Information

2009

Year End Market Statistics

Southwest Michigan

(compared to 2008)

AREA	UNITS SOLD(-/+ 2008)	DAYS ON MARKET(-/+ 2008)	AVERAGE SALES PRICE    (-/+ 2008)	MEDIAN SALES PRICE (-/+ 2008)	DOLLAR VOLUME   (-/+ 2008)
Benton Harbor	247 -12%	91 -11%	$65,500 -20%	$37,950 -27%	$16,178,617 -29%
Bridgman to New Buffalo	267 3%	213 13%	$321,635 -22%	$210,000 -29%	$85,876,641 $-19%
Coloma & Watervliet	167 -1%	147 16%	$119,601 -36%	$81,550 -26%	$19,984,336 -37%
Berrien Springs &  Eau Claire	91 -18%	152 31%	$144,072 -10%	$117,500 -15%	$13,110,608 -26%
Galien to Niles	486 7%	114 10%	$ 86,116 -12%	$65,000 -20%	$41,852,286 -6%
St. Joseph &  Lakeshore	458 -12%	160 18%	$206,461 -4%	$161,000 -8%	$94,765,670 -16%

Major Recent Changes to FHA Loans

Here are the highlights:

• Mortgage insurance premium (MIP) will be increased by 50 bps to 2.25% 
   

• New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%
  
  

• The allowable seller concessions will be Reduced from 6% to 3%
   

• There will be an Increased enforcement on FHA lenders
  

December 2009

Year-To-Date Market Statistics

Southwest Michigan

(compared to 2008)