It's a buyer's market as Detriot Area house sales sag

The Detriot Free Press reports:

A Free Press quarterly analysis of home sales in every southeast Michigan community during the past three years shows that the number of sales and the value of homes are plunging in most areas. Fewer homes were sold between January and March of this year than during the first quarters of 2005 and 2004. Those that did sell went for less than they would have in either of the two previous years.

Overall, metro Detroit sales and home values are in their worst shape in three years. Only Wayne County experienced an overall first-quarter jolt in the number of homes sold, with strong sales in affordable Detroit, Hamtramck, Trenton and Wyandotte.

Homeowners in Livingston County took the biggest overall hit in sales during the first quarter of 2006: a 24.1% drop, with the number of sold homes in Hartland and Oceola townships dropping by 39.6% and 34.9%, respectively. Oakland and Macomb counties experienced 12.9% drops in the number of homes sold.

An area of the country with weak economic fundamentals.The union run area means a declining job base with housing prices to follow.