Michigan Recent Home Sales

Fitch Affirms Washtenaw Co., MI's LTGOs at `AA+' & LTGO Notes at `F1+'; Rates ...

NEW YORK--( BUSINESS WIRE )--Fitch Ratings takes the following rating action on Washtenaw County, MI (the county) as part of its continuous surveillance effort:

--$33.1 million limited tax general obligation (LTGO) bonds series 2004, 2005 and 2006A affirmed at `AA+';

--$2 million (Washtenaw County Building Authority, MI) outstanding LTGO bonds series 2002 affirmed at `AA+';

--$10 million taxable LTGO notes series 2010 affirmed at 'F1+'.

In addition, Fitch assigns an implied 'AAA' unlimited tax general obligation (ULTGO) rating to the county.

The Rating Outlook is Stable.

RATING RATIONALE:

--Despite economic pressures including employment losses and tax base declines, the county has implemented timely and meaningful actions and generated operating surpluses over the past two years.

--The county is projecting additional tax base declines and slower economic recovery which will require structural balance of revenues and expenditures to maintain strong financial reserve levels.

--The local economy, anchored by the University of Michigan, remains resilient to the continuing pressures facing the regional automobile-related sector reflected by unemployment rates consistently below state and national levels.

--County wealth levels are above state and national levels.

--Direct debt levels are low with limited current needs and rapid amortization.

--Delinquent tax collections are currently ahead of projections and should be adequate to repay the notes.

--The rating distinction between the ULTGO and LTGO ratings primarily reflects limited revenue raising flexibility since the county is currently levying at its maximum operating levy limit.

KEY RATING DRIVERS:

--Continuing ability to maintain strong financial reserve levels given reduced property tax revenues, expenditure pressures and overall economic sluggishness.

--Further stabilization of the county's tax and employment bases.

SECURITY:

The limited tax general obligation notes are secured by all delinquent 2009 real property taxes received after April 20, 2010, and all accrued interest on such amounts. The ultimate security is the county's full faith and credit general obligation and its ad valorem tax pledge, subject to applicable charter, statutory and constitutional limitations.

South Carolina Mortgage Information Recent Real Estate Sales in ...

The median closing price for recent real estate sales in Grand Blanc MI was nearly $200,000. Unlike nearby cities and many areas of the state, there has been an increase in the number of recent real estate transactions in Grand Blanc MI, and in property values. Still, buying and selling may be difficult in the area for many reasons that will be discussed here.

A Bit of History

Both the city and township of Grand Blanc are located in Genesee County. The area was originally settled by the Chippewa. French traders arrived in the late 1700s. The pioneer families that followed adopted the French name, which means "Great White". The township was organized in 1833 and the city was incorporated in 1930.

The city of Flint is the county seat of Genesee and is only a few miles north of Grand Blanc Township. While closing prices for recent real estate sales in Grand Blanc MI were good, as mentioned above, the median price in Flint, for the same period, was $74,900. The unemployment rate in Flint is nearly 8%, but Grand Blanc's economy seems to be somewhat unaffected by the problems affecting Flint and much of the rest of Michigan.

If you have lived in the area for a while, you may have been a victim of the suffering economy. You may be struggling with "leftover" credit scores, finding it difficult to buy and thinking that your only option is renting. The truth is that if you are currently employed and can afford to pay rent, then you can probably buy a home. If you have a small downpayment and a little motivation, you can probably qualify for a lease option agreement.

A lease option (also called a rent to own [http://www.buy-sell-michigan-real-estate.com/rent-to-own-home-in-michigan.html]) is an excellent strategy for motivated buyers and sellers. In struggling economies, owners find it difficult to sell and many would-be home owners find it difficult or impossible to buy. For sellers, the large number of properties on the market means that each home stays on the market longer.

A number of the recent real estate sales in Grand Blanc MI were new home sales. Even though there are thousands of existing homes in Grand Blanc, hundreds of which are currently for sale, there is new construction. This means more competition for those of you trying to sell.

179 of the recent real estate transactions in Grand Blanc MI were foreclosures. In Flint, the number of foreclosures was over 1200. It is sad and amazing that two cities within a few miles of each other can have such different economies. According to the last census, the median income for a family in the city of Grand Blanc was $82,456; in Flint, $32,000.

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