The following quote was taken from an article that appeared on MSN Real Estate online on August 12, 2010. To read this article in it’s entirety click on the link below.
“The top 10 housing markets of the future #3 - Michigan
Biggest home-price increase projected in 2014: Detroit-Livonia-Dearborn metro
- Forecast 4-year price increase: 33.1%
- Current median price: $51,000
- Prices to reach trough in: 2011 Q2
- Median family income: $54,400
- Population: 1.92 million
Since reaching a peak in 2006, home prices in the Detroit area have fallen 60.5%, according to the Fiserv Case-Shiller Indexes. As homes have become more affordable — the median home price in Detroit is lower than the median family income — demand is expected to pick up. Prices are forecast to jump 33.1% over the next four years. George Moma, a broker with Century 21 Dupont Realtors, says the growing prevalence of short sales over foreclosures will help drive up the median price in the Detroit metro area. He adds that the area is attracting interest among international investors from the U.K., Dubai, Russia, India, Ireland and France.
Index used to calculate historical home price changes: Case-Shiller”
To read this article in it’s entirety Click Here