Desperate house sellers in Michigan

The Detriot News reports:

These are desperate times for Metro Detroit home sellers.

The desperation tumbles from the numbers: a 43 percent increase in homes on the market. A drop in the median selling price in every Metro Detroit county. Flat overall home sales after years of steady growth.

Desperation screams from the ubiquitous "For Sale" signs peppering Metro Detroit streets, as neighbors compete for choosy -- and scarce -- buyers. It echoes from all the empty homes for sale, left vacant by owners who couldn't wait any longer to move on and out.

And desperation is the theme that runs through sellers' stories: An unsold house has Paul Beasley living with a friend. Waiting a year for a buyer has put Karen Lamb's life on hold. Two mortgages are sapping Don Coleman and his wife's finances.

An area with bad economic fundamentals is heading for a drop.The increased for sales signs aren't going to be met with demand.You'll want to read this one.