reply to post by sad_eyed_lady
well.... that's one way to look at things....
this article from 'SeekingAlpha' has a different conclusion than your OP site
seekingalpha.com...
According to the Michigan Association of Realtors, home sales YTD (through October) in Michigan are up by +1.02% compared to last year, from
85,270 houses sold through October 2007 to 86,138 YTD this year. The YTD average home price in Michigan fell by -15%, from $141,681 last year to
$120,418 this year.
For the city of Detroit, home sales are up by a whopping 47% from 6,411 houses YTD in 2007 to 9,420 this year, as the average YTD price fell by 54% to
$18,513 this year from $40,011 in 2007 (see chart above).
DETROIT NEWS -- Metro Detroit home sales rose again for the eleventh straight month, figures released Thursday show, though prices have continued a
precipitous slide. According to data released by Realcomp, the Farmington Hills-based multiple listing service, November home sales increased 20.5%
throughout the metro area compared to the same month last year; 4,644 homes sold this November, up from 3,853 sold in the same month last year.
Average prices for the metro area declined 45.4% to $62,800; last November, the average price was $115,000.
MP: The real estate market in Michigan is apparently in a major recovery process as falling home prices are stimulating home sales in Detroit and
around the state. If it can happen in Michigan, it can happen any where.
HT: Bob Wright.
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Analysts Don't Know Squat Dec 26, 2008
If you notice the Detroit City houses are costing less & selling more
Notice too the price differences of Detroit City VS the Detroit Metro Area,
and both areas are selling better this year...(re-read the last paragraph about being in the midst of a 'recovery' in home sales)
Detroit & Detroit Metro also has the ForeignTradeZone and has Robotics makers & programers for those robotics...
theres whats left of the Big 3, which will be transforming their business-manufacturing model, there's also '
Motown' the record &
entertainment industry giant located there.
one can 'see' opportunity, (in the culturally diverse Detroit)
or one can 'see' a deteriorating-&-desolate landscape
In Conclusion: that's one reason i left the
[Related Article]
"Analysts Don't Know Squat" , in the Quote Box
thanks,