UPDATE: MERIDIAN TOWNSHIP - There is good news for both the economy according to local officials.

"Home sales are occurring faster and at higher prices than they have been before and what's happening nationally is also happening here locally in Meridian Township." said Meridian Township Treasurer Julie Brixie. "The mortgage foreclosure rate has gone down over the last few years."

According to Real Estate Consultant Deborah Federau, "our absorption rate of what's currently on the market has dwindled to about a third of how long it will take to sell a house than it was two years ago."

Which is something to be excited about. She says that we're moving from a buyer's market to more of a neutral market, while on the verge of a seller's market. What does all this mean? It means that more homes are being sold, realtors inventory is shrinking, and more competition exists for regular folks who want to buy homes. In Federau's opinion, that's good for the economy as well.

"Now because of our competition and our inventory is shrinking, people are going to start looking at new builds even more. So if they can't find the house they want they're going to be building." Federau says.

"[This is] great news for our building avenue, our contractors and a lot of these builders we have in our area they try to keep everybody local which is so good for our economy."


ORIGINAL STORY: MERIDIAN TOWNSHIP - The March 2013 Market Update showed positive signs for the United States, but does this hold true for Meridian Township?