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The level of home financing known as contract-for-deed has been rising, particularly for lower-value homes Rust Belt markets, according to new data from ATTOM Data Solutions.
More than 103,000 contracts-for-deed were recorded nationwide between 2010 and 2014, a 10 percent increase compared to the period between 2005 and 2009. The average sales price for the contracts-for-deed transactions during 2010 to 2014 was $87,010, which is 38 percent below the average sales price of $141,423 for contracts-for-deed recorded between 2005 and 2009.
Among the most notable markets to see above-average increases in contract-for-deed activity are Trumbull County/Youngstown, Ohio (136 percent increase); Michigan’s Wayne County/Detroit (63 percent increase) and Genesee County/Flint (53 percent increase); Marion County/Indianapolis, Ind. (46 percent increase); Dane County/Madison, Wis. (26 percent increase); and Hamilton County/Cincinnati, Ohio (24 percent increase).