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Tue August 30, 2011
Home prices up slightly nationally, but still down in Detroit
Data released today by the S&P/Case-Shiller Home Price Indices show that through June, home prices nationally were back to their early 2003 levels.
But home prices in Detroit were at pre-2000 levels. The Detroit market was down 6.6 percent when compared to the previous year.
That put's Detroit in a bad category along with some "sunbelt" cities, according to S&P/Case-Shiller:
At the other extreme, those which set new lows in 2011 include the four Sunbelt cities – Las Vegas, Miami, Phoenix and Tampa – as well as the weakest of all, Detroit. These shifts suggest that we are back to regional housing markets, rather than a national housing market where everything rose and fell together.
The Detroit Free Press quoted a statement from Patrick Newport, a U.S. economist with IHS Global Insight:
"Detroit, where prices have dropped nearly 50% since peaking in late 2005, remains, by far, the weakest market,” he said. “Detroit avoided a big run-up in housing prices during the boom years, but was hit hard by the recession."