The best that can be said about the Metro Detroit housing market is that some of the worst may be over.
And the worst that can be said is that the rest of the worst is yet to come.
Year-end numbers for 2006 show home prices across the region fell by 7.1 percent, their biggest drop since 1989. Home sales dropped, too, down 11.2 percent, according to the multiple listing service Realcomp.
The only number that went up wasn't a good one. That's the number of homes listed for sale, and it soared across southeast Michigan by a staggering 41.2 percent.
Even after all that, home prices haven't bottomed out yet, real estate experts say, but probably will sometime this year. The only good news is that buyers seem to be coming off the sidelines after years of waiting out job uncertainty in our troubled auto-dependent economy.
Median sales prices dropped about 5 percent in Macomb and Oakland counties, almost 7 percent in Livingston County and more than 13 percent in Wayne County. That means the owner of a $200,000 home lost $10,000 to $26,000 in value.
Thursday, February 01, 2007
From the Detroit News