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» months," said Timothy M. Warren Jr., CEO of the Warren Group. "The real estate market has improved dramatically in 2013 with median prices up 11 percent and this has slowed foreclosures." Warren, though, questioned how long the significant declines will last based on findings from the Massachusetts Housing Partnership (MHP). "MHP found that a 2012 state law that requires banks to notify borrowers of their rights to pursue a loan modification before foreclosing is contributing to this precipitous drop. The real question is whether foreclosure activity will pick back up once lenders have modified their procedures to comply with the new law," Warren said. Completed foreclosures also saw drastic declines, with foreclosure deeds totaling 234 in April, down 68 percent from 750 in April 2012. Year-to-date through April, foreclosure deeds decreased 69 percent to 995, compared to 3,215 during the same period in 2012. Auction announcements fell steeply as well, decreasing by more than 75 percent to 348 in April. During the first four months of this year, auction notices totaled 1,450, down 74 percent from last year. The Warren Group also reported a spike in home prices drove Massachusetts sales down for the third straight month in April. The group counted 3,504 single-family home sales in the Bay State in April, a 1 percent decline from last year. However, April's sales volume was still the highest recorded so far this year. Year-to-date, sales were down about 2.7 percent at the end of April. "There is high demand and low inventory this spring, which is causing this pattern of rising prices and dropping sales volume," said Warren. "Despite the news that sales volume is down, low mortgage rates and steady home values are helping buoy consumer confidence." The median price for single-family homes sold in April was $313,000, a 14 percent yearover-year spike. April marked the seventh consecutive month in which the median sale price increased statewide, and it was the first time since 2008 that the median price crossed the $300,000 mark. It was also the third straight month to see double-digit improvements. The median selling price for the first four months of 2013 was $294,000, an 11 percent increase over the same period last year. "The housing market continues to improve, but could be hindered if rising prices cause an affordability issue. Three consecutive months of double digit price increases is slightly concerning," Warren said. While home sales dropped, condominium sales increased across Massachusetts, rising 8 percent to 1,492. A total of 4,546 condo sale transactions were recorded in the first four months of the year, a 2.4 percent increase from 2012. Meanwhile, the median condo sale price rose 1 percent to $280,000. The year-to-date median condo price was up 1.6 percent to $260,000 at the end of April. STAT INSIGHT $1.89 Billion Household wealth lost in Massachusetts in 2012 as a result of foreclosures. Source: Alliance for a Just Society Michigan rank: 38 90+ Day Delinquency Rate Foreclosure Rate April 2013 2.4% Unemployment Rate 1.4% 8.4% year ago 2.9% 2.3% 9.1% year-over-year change -17.2% -41.1% -7.7% Top County SanilaC CounTy 90+ Day Delinquency Rate April 2013 2.2% Foreclosure Rate 2.3% year ago 3.5% 3.8% year-over-year change -35.1% -39.2% Top Core-Based Statistical area STurgiS, Mi 90+ Day Delinquency Rate Foreclosure Rate April 2013 3.0% 2.2% year ago 3.0% 3.2% year-over-year change 2.4% -30.4% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the April 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary April 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. VISIT US ONLINE @ DSNEWS.COM IN THE NEWS ATA Acquires Bayview Title Agency Attorneys Title Agency (ATA), a fullservice title company providing services in Michigan, acquired Bayview Title Agency. The transaction closed at the end of May. ATA is based in Farmington Hills. Bayview Title, which operates out of Petoskey, Michigan, will function as an ATA office. "We saw Bayview as a great opportunity to further strengthen our presence in northern Michigan, complementing our Harbor Springs office," said ATA president Bill Robinson "We're taking the next step in expanding our footprint with the acquisition of this well-established and respected operation." Tim Murphy, former Bayview Title owner, will serve as the North Michigan area manager for ATA. "For more than 30 years, we've worked to establish Bayview as a leader in the northern Michigan market, and this acquisition will further help us in accomplishing our goal," Murphy said. "Under the ATA name, we will be armed with a strong financial backing, operational advancements, innovative and impactful technology, and a proven approach to sales and marketing that Attorneys Title is renowned for throughout the state of Michigan." Detroit Among: Top Markets to Find Fixer-Uppers Fixer-upper homes might be the solution for potential buyers who are having trouble snagging a good deal in this low-inventory environment, according to RealtyTrac. RealtyTrac's definition of fixer-uppers has three traits: the property must be bankowned, have an estimated market value below $100,000, and be built before 1960. According to RealtyTrac's estimate, there are more than 51,000 of these discounted properties available for sale. "Low-priced homes are still plentiful in many markets, particularly in the form of foreclosures," said Daren Blomquist, VP at RealtyTrac. "While these homes may be in need of more work than a typical home and are certainly harder to find now than in previous years, buyers and investors willing to put in a little extra legwork and sweat equity can often find the best deals in their markets on these foreclosure fixer-uppers." 79

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