home prices

Politics & Government
5:08 pm
Tue May 28, 2013

Lawmakers seek to shorten the amount of time to stop a bank foreclosure

A foreclosed house in Michigan.
Rebecca Williams The Environment Report

Opponents of a plan to change the foreclosure process in Michigan say it would put more people out of their homes and hurt property values.

They were in Lansing today to protest a package of bills in the state Legislature.

The legislation would shorten the amount of time homeowners have to stop a bank foreclosure from six months to two months.

Ingham County Register of Deeds Curtis Hertel Jr. says banks have wrongly foreclosed on thousands of properties across the state.

He says it often takes months for people to prove they don’t deserve to lose their home.

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Detroit
10:42 am
Mon September 24, 2012

"World's largest property auction," Wayne County finishes first round

Dilapidated homes in Delray near Detroit.
Lester Graham Michigan Radio

Wayne County has finished the first round of what’s been called the "world's largest property auction."

The county is trying to get rid of more than 22,000 tax-foreclosed properties by auction. More than 20,000 of them are in Detroit.

But despite the glut of vacant properties, housing prices are headed up in certain areas of the city. Bob Dorsey is chief analytics-officer with F.N.C., which tracks housing prices nationwide every month.

"We've noticed that there are certain neighborhoods that have done extremely well, and others that have are still very flat or even declining," said Dorsey.

Dorsey said many investors see money in an expanding rental market in Detroit, and nationwide. Leaders in Detroit’s downtown and midtown areas say housing demand now out-paces supply there.

Economy
12:15 pm
Tue June 26, 2012

Detroit housing prices down in April, but up from last year

A graph showing annual changes in U.S. home prices.
S&P/Case-Shiller Home Price Indices

Detroit housing prices fell 3.6 percent from March to April, but were still higher than they were in April 2011.

A report released today by S&P/Case-Shiller Home Price Indices shows that, nationwide, home prices rose for the first time in seven months. But Detroit was the only city, of the 20 "metropolitan statistical areas" (MSA's) they look at, to show a monthly decline.

The news wasn't all bad for Detroit.

Looking annually, Detroit is one of 10 cities that saw prices rise compared with the same period a year ago. On a national level, annual figures ticked downward.

-John Klein Wilson, Michigan Radio Newsroom

Economy
1:01 am
Thu December 8, 2011

Michigan's home prices are stabilizing

A new report says home prices in Michigan, and the rest of the country, are stabilizing.   

During the recession, home prices swung wildly.  First plunging down, then bobbing up as government incentives spurred buying.  

Alex Villacorta is with Clear Capital.   He says their data shows home prices in Michigan remained relatively flat over the past six months.   Villacorta expects 2012 will bring slight growth in Michigan home prices.  Though he cautions, in cities like Detroit, home prices are still going to be very low.   

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Economy
1:01 am
Thu June 9, 2011

Home sale prices may be stabilizing (but not in Detroit)

But at what price?
(photo by Steve Carmody/Michigan Radio)

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. 

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Economy
2:55 pm
Tue May 31, 2011

Detroit home prices continue slide

(photo by Steve Carmody/Michigan Radio)

Detroit’s home prices may soon take another tumble.  Standard & Poor’s Price-Shiller index says home prices in the nation’s 20 largest cities are falling once again.    Home prices in Detroit aren’t falling as fast as other cities in the survey, but then again Detroit’s home prices are already the lowest among the nation’s 20 largest cities.  

  Home prices in Detroit haven’t been this low since 1995.  

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Economy
2:19 pm
Tue May 17, 2011

Foreclosure rates will continue to rise in Metro Detroit

Steve Carmody Michigan Radio

Livingston and Macomb Counties showed some improvement in Metro Detroit’s slumping home sale prices and sales since January. Macomb County boosted home sales by 5% in the four month period. Livingston County increased home sale prices by 8.5% in April to $140,ooo.

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Economy
9:01 am
Thu April 7, 2011

Detroit home prices still slumping

(photo by Steve Carmody/Michigan Radio)

Detroit home prices continue to slump. New data from Clear Capital show the average sale price in the first three months of the year for a home in Detroit was roughly 60,000 dollars. 

Alex Villacorta is an analyst with Clear Capital. He says foreclosed homes continue to clog Detroit’s housing market, depressing sale prices. 

“Once those saturation rates come down I do think you’ll see prices start to stabilize a little bit.   Even if the overall health improves we’ll see may a more sustained price growth looking forward.”

Home sale prices held steady in most of the nation in the first quarter of 2011, except in the western U.S. where home sale prices fell to levels not seen since 2001.