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Wed December 29, 2010
Michigan home prices likely to fall again in 2011
Michigan’s home prices are expected to tumble again next year.
But, some parts of the state might see a slight increase in price.
Home sale prices in Michigan rocked up and down this year. Government incentives helped boost prices in the first half of the year. When those incentives expired, prices dropped.
Alex Villacorta is with Clear Capitol. He says home prices in Michigan should get a boost in the Spring, but then should fall at the end of the year.
He expects the average home sale price Michigan will be 5 percent lower at the end of next year, then they are now.
“That mean seem to be a pessimistic view, but in light of where prices have come, the precipitous fall the entire state has seen in home prices it actually very modest,” Villacorta said.
Villacorta says home prices may rise in some parts of Michigan next year, especially in areas where unemployment is less of a problem and there are fewer foreclosed homes on the market.