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Thu December 9, 2010
Michigan home prices continue slide
Michigan home prices continue their downward slide and the trend shows little sign of stopping.
Home prices in Michigan declined about 9% in the third quarter, a downward trend that started in April as government buying incentives began to dry up.
The latest home price data comes from Clear Capitol, a company that specializes in tracking real estate prices for the nation's banking industry.
Alex Villacorta is a senior statistician with Clear Capitol. He says the high percentage of formerly foreclosed homes on the market, that banks are trying to unload, is a major reason why Michigan home prices are struggling.
"When there's that much distressed sales moving, prices are dominated the entire market is dominated by that class of properties," says Villacorta.
Detroit home sale prices continued their decline in November, though home prices in Michigan's largest city are still above their recession lows set in 2009