Metro Detroit's real estate market was socked hard last year, marked by the largest drop in home prices since the Reagan administration, the third-consecutive drop in annual home sales, the lowest number of new home permits since at least 1969, and a massive wave of foreclosures that drove thousands from their homes.
It likely will be another tough year in 2008. While the downturn in the region's housing market may slow down, there isn't likely to be any noticeable rebound until the second half of the year, at the earliest, analysts say.
Tuesday, January 22, 2008
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