Home prices rose by six percent in the Detroit area in May and June, leading the country in growth in what many experts say is a rebounding housing market. The average increase nationwide was 2.3 percent.
“We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change. The market may have finally turned around,” said a representative from the S&P and Dow Jones Indices.
We’ve been following the housing market and investment opportunities in the Detroit area consistently on this blog. Over the course of 2012, there have been a lot of mixed indications about how the market is doing, but many have been positive. However, with prices still well below pre-recession levels, the growth may be another sign that the market is still primed for investment opportunities.
Of course, there are a variety of legal considerations for investors looking to take advantage of the conditions in the market right now. For people interested in buying a home or condo that has previously been foreclosed or in other distress, there may be some complexity with the title to the property. Particularly for homes with mortgages that have previously been a part of mortgage-backed securities, it can be tricky to settle matters with multiple investors who have a security interest in only a small percentage of the property.
Our law firm assists investors seeking property in the Detroit area. More information about our practice is available on our Detroit investment attorneys page.
Source: Detroit Free Press, “Detroit area home prices soar 6% between May and June, leading nation,” Zlati Meyer, August 28, 2012.