In our last post we wrote about the rising home prices in Detroit. The city led the nation in gains this summer, topping out at six percent in May and June. Some experts say that the modest increases in markets all over the country could be a signal that the residential real estate market is beginning a permanent upward climb out of the recession's foreclosure cycle.
Deciding to buy a home is an exciting and daunting prospect, whether it's your first purchase or you're a seasoned residential real estate investor. Low home prices have contributed to a favorable real estate market for buyers, but many families are still suffering from other symptoms of the recession and buying a home remains slightly out of reach.
We talk about local home prices and how the housing market is doing in general a lot on this blog. The housing market in Detroit affects a lot of other segments of the economy and is often used as a bellwether for Michigan's progress towards economic recovery. Foreclosure rates have been fluctuating slightly nationwide over the last year, with delays from litigation causing decline, followed by an increased rate when banks tackled backlogged accounts.
Detroit residents are only about one year away from the grand opening of the first location of a national grocery chain in the downtown area. Building began last month on a Whole Foods location, which has many market watchers excited about other real estate development opportunities in Midtown Detroit.