Fox Run	UPDATED: Thursday, October 05, 2006
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Economic Data Confirms Housing In for Rough Ride

Posted on Sunday, October 01, 2006

By Melissa Borgerding
THE ERICKSON TRIBUNE

This summer, sales of existing houses in the Detroit area continued to be disappointing. And with interest rates on the rise and unemployment at the highest level in nearly four years, the local real estate market is showing signs of slowing down even further.

What does this mean for you as a homeowner? There is little reason to wait to put your house on the market, because no relief is in sight.

House Sales Slide
Sales of previously owned single-family houses nationwide plunged by an estimated 4.1 percent in July to its lowest level in almost two years, reports the National Association of Realtors. In the Detroit area, the numbers are even more troubling, with sales falling by about 12 percent compared to the first half of 2005.

Builders in Michigan have reacted to the weakness in sales and expanded inventory of unsold houses by cutting way back on new construction. Through June, residential building permits in Michigan were running 33 percent lower than in 2005, while new construction nationally is down only about 5 percent.

According to The Washington Post, the inventory of unsold houses, nationally, rose to a record high of 3.8 million in July. At this pace, it would take 7.3 months to sell a house currently on the market—the longest time stretch since the spring of 1993. And in Michigan, houses are likely to take even longer to sell. So, for the foreseeable future, homeowners will see their houses sitting on the market even longer and selling for even less.

Economists expect the housing market to weaken even further. “This isn’t the bottom yet. We expect sales to decline through 2007,” says Phillip Neuhart, economic analyst at Wachovia Corp., one of the country’s largest lenders.

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No Good Reason to Wait
Yet, some homeowners are gambling that this downturn is only temporary, and are choosing to tighten their belts and ride out the current situation. But, most knowledgeable owners are not willing to wait another five, ten, even twenty years for the next big boom, and are taking action and selling their houses now, before the market erodes even further.

Solution to an Uncertain Market
Rather than risk losing their current house value to a declining real estate market, people are choosing to move to Fox Run, today.

Unlike owning and maintaining a house, people living at Fox Run have financial certainty with the 100% Refundable Entrance Deposit. Should you ever decide to leave, you get 100% of your money back.

“You check around other places and you don’t have the 100% Refundable Entrance Deposit,” says Howard Hilving, who moved from Florida.

“It’s a good value for the money to the extent that what you have here is peace of mind. And if something happens to your pension, or Social Security collapses, you don’t have to worry about being asked to leave,” Howard concludes.

In addition, Fox Run offers Moving Home, its program that sells your house and assists with your move— from helping you plan for space, to finding reliable moving and packing services, so you don’t have to go it alone. Plus, at Fox Run, you won’t pay any real estate fees or commissions. And the best part–Moving Home sells houses, on average, in 64 days. That’s over twice a fast as the average house sale in the Detroit area, according to the Detroit News.

Already, over 600 people have chosen Fox Run for its value, lifestyle, and the security of the 100% Refundable Entrance Deposit. That number is sure to climb as more people rush to sell their houses and move to Fox Run while they still can.