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Tue May 31, 2011
Detroit home prices continue slide
Detroit’s home prices may soon take another tumble. Standard & Poor’s Price-Shiller index says home prices in the nation’s 20 largest cities are falling once again. Home prices in Detroit aren’t falling as fast as other cities in the survey, but then again Detroit’s home prices are already the lowest among the nation’s 20 largest cities.
Home prices in Detroit haven’t been this low since 1995.
Maureen Maitland is a vice president with S & P. She does see some positive news in the latest home sales numbers.
“There’s no doubt that Detroit is in bad shape. However if you look at the last 6 to 8 months, Detroit on a relative basis is doing better than many other markets.”
Maitland says foreclosed properties are partly responsible for dragging down Detroit home prices.
A recent survey found about a third of homes sold in Detroit were formally repossessed.