Tuesday, August 27, 2013

Metro Detroit Real Estate Continues Climb

Housing prices continued to increase in the metro Detroit area, with June prices 16% higher than a year ago.

The good news that is the local housing market continues.  Downriver is certainly participating in this trend.  Although I do not keep comprehensive statistics, I know that I am not seeing the fire sale values that I saw when I was looking at properties a year ago.  Higher values mean fewer foreclosures, better chances at people in trouble getting refinanced, and provides a measure of comfort for all homeowners.

This same article in the Freep discussed signs the trend to higher prices might be slowing, but that will only become more apparent over time.

http://www.freep.com/article/20130827/BUSINESS04/308270080/home-prices-mortgage-real-estate-detroit