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Thu June 9, 2011
Home sale prices may be stabilizing (but not in Detroit)
There's positive news about the nation's home prices, but that's not the case in Detroit. Data released by Clear Capital today suggests home sale prices nationally may be stabilizing. Home prices lost ground through the winter months, and the latest data shows prices dropped by 2.3% in May.
But the good news is prices being paid for repossessed homes nationally actually increased last month. Foreclosed homes have been dragging down home sale prices, but that might be changing.
Analyst Alex Villacorta predicts stronger home sales during the summer buying season may stabilize home prices. But in Detroit, home prices are still sliding.
Clear Capital reports Detroit was the lowest performing real estate market in May. That's the fifth month in a row that Detroit was at the bottom of the list. Detroit home prices are running about 12% below where they were a year ago.