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Thu August 4, 2011
Detroit home sale prices may soon flirt with record lows
Detroit home prices are on track to break their record lows this fall. Detroit home prices are nearly 80% below where they were in 2005. That’s actually a slight improvement. Clear Capitol says Detroit home prices bottomed out in the first quarter of 2009, at the worst of the recession.
But Clear Capitol’s Alex Villacorta says sharp declines in home prices during the last three months and the weakening economy may push prices back down this fall.
“Much like the rest of the nation overall…the Detroit market…has seen its fair share of these rollercoasters. And unfortunately right now it’s on the downside part.”
Villacorta says more than half the homes up for sale in Detroit are formerly foreclosed properties. He says that’s keeping prices down. Villacorta says another recession will certainly send Detroit home prices crashing down to new record lows.