Southeast Michigan's housing market took a sharp dive at the end of a weak 2005, signaling more tough times ahead with interest rates rising and a scarcity of new jobs.The auto industry is obviously having a huge effect on the Detriot area home prices.Here's a question to ponder in other parts of the country: what if in the future thousands of government workers have to get laid off because the taxpayers in the area can't afford the current size of government? What do you think that will do to home prices in that area?
Statistics released Monday showed median sale prices fell 4.3 percent in December -- the biggest monthly drop in 2005 -- and most sellers were waiting at least 3 months to find a buyer.
Poor sales in the final few months closed out a year in which homeowners were lucky to get a negligible increase in property value.
The region's median sale price for single-family homes and condominiums was $156,000 in December, down from $163,000 a year earlier, according to Realcomp II Ltd., a Farmington Hills real estate listing service.
Tuesday, January 17, 2006
Detriot Area Home Sales Tank
The Detriot News reports:
