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Thu August 26, 2010
Home sales sign of improvement in Michigan's economy
(by Rina Miller, Michigan Radio)
Michigan actually fared better in new home sales than other parts of the nation. Some economists say improvements in the auto industry are helping stabilize Michigan's economy.
Bernie Markstein, with the National Association of Home Builders, says Michigan's problems were a little different than states like California, Florida and Georgia, "Essentially there was not that craziness in overbuilding that affected certain parts of the country during the housing bubble," Markstein says. "You're being affected by classic bad economic times, in which a recession has hit you particularly hard, and that's where the problem has really been."
New home sales in the Midwest were down 8% in July over June compared to almost 12.5% nationally.