Overall, metro Detroit home sales rose 2.5% in March compared with March 2007, according to figures released Monday by Realcomp Inc., a Farmington Hills-based multiple-listing service.
Sales for the month were down in Macomb, Oakland and Livingston counties, however. Sales fell by 12.6% in Livingston, 4.6% in Macomb, 4% in Oakland and 5.4% in the St. Clair area, which includes areas in the Thumb. Wayne County sales rose 17%.
"There are a lot of out-of-state investors coming in to town to buy homes. They seem to be aware of the fact that there are good deals in the city of Detroit," said Bryant Harris, an agent with 20th Century Real Estate in Detroit. "The market affords people the opportunity to own a home for as little as a couple thousand dollars."
Friday, April 18, 2008
Sunday, April 6, 2008
America's Riskiest Real Estate Markets
There's roulette and there's skydiving. Then there's investing in Detroit and Cleveland real estate.
That's especially risky because those markets are in freefall. Lenders have fled, foreclosures are on the rise, homes aren't selling and local economies have stalled.
The riskiest were those that had the highest foreclosure rates, slow job growth (or job loss) and a rash of listed homes.
That's especially risky because those markets are in freefall. Lenders have fled, foreclosures are on the rise, homes aren't selling and local economies have stalled.
The riskiest were those that had the highest foreclosure rates, slow job growth (or job loss) and a rash of listed homes.
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