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Home prices in those areas fell about 40 percent on average from their highs, peak to trough, Rood said. And inventories are the tightest in Detroit compared with the other cities listed in Rood’s top five. Detroit only has two months of inventory available for sale, while there’s about seven months of inventory in Ft. Lauderdale, for instance.
Meanwhile Mobile, Ala., one on the worst housing markets to invest in, according to Rood, has about 19 months of inventory.
Along with that region, Chicago, Charlotte, N.C., Philadelphia and St. Louis are among the worst housing markets to invest in right now, according to Rood.
( google the article title for full story)
If population could increase value of real estate, Africa would be a wealthy area. But as the WSJ notes, you also need job &/or income growth. Will “right to work” help bring income to MI ?
It’s help other states that enacted such laws. Further impact on real estate inventories is how foreclosures are handled. In states such as NY where the bank must initiate a legal case action to foreclose RealtyTrac points out that prices are much more slow to return to growth than in non-judicial (e.g. MI ) states.
For us left in MI, here’s some sobering stats and realities. Per the Wall Street Journal:
“Between 1980 and 2011, total employment in right-to-work states grew by 71%, .. in non-right-to-work states … 32%. .. in Michigan … 14% during that time…. inflation-adjusted compensation grew 12% in right-to-work states, but just 3% in the others….
…the bill he signed into law on Tuesday is “pro-worker,” …does not change any aspect of collective bargaining other than preventing employees from getting fired for choosing not to join or remain in a union and pay union dues or agency fees, which may go toward political causes they don’t support.
The good news ? MI just became a RTW state – as such, we are now in competition for importing businesses & workers to fill new jobs. This should bring buyers where we’ve had sellers for so long. Those that are against this new law I can’t really agree with, to wit:Collective bargaining still exists … workers are of course free to organize….”
[MI is the only state to loose population in the last 10 yrs…. the statistics go on and are overwhelming in their conclusion ….so what is this guy thinking >] “…Democratic Rep. Doug Geiss threatened: “There will be blood. . . . There will be repercussions.”
After you read the below article I posted in 2012, jump on forward to this:
March 29, 2018
… so said Time mag back in July 2011. Click the photo to check their logic.
I wouldn’t have called out the buyers quite so quick, but now I’m bullish on buying. Why now ? Here’s a couple Detroit area articles showing recent price movements.
BTW, nationally, the big increases are right now happening in the areas that took the biggest hits….no surprise in that, to wit: Miami, Detroit, Arizona, LasVegas…etc.
- Home prices rise in Michigan, across U.S. in September over 2011 levels 9/2012
Home prices rise in Detroit, across U.S. | Michigan Business | Detroit … 11/2012
Hot Foreclosure States
States with the largest % of savings based on September 2012 avg. sales price vs. avg. foreclosure sales price.
Michigan Cities with the highest increase in quarterly average home sales prices based on the last two calendar quarters, updated Nov 2012.
||Avg. Home Sales Price
||Quarterly % Change
|Spring Lake, MI
|Eaton Rapids, MI
|Twin Lake, MI
|South Lyon, MI
Local statistics for the 2nd quarter/2012 show # homes for sale down, avg time on market down, avg price up, etc… by small margins. more
The least expensive housing market nationally at the beginning of 2012 was metro Detroit, followed by nearby Toledo, Ohio, according toNAR The third-cheapest market was Lansing-East Lansing, Mich.
In the first quarter of this year, half of the houses sold in the Detroit area went for less than $52,300 per NAR.
|Cape Coral-Fort Myers, Fla.
|Grand Rapids, Mich.
|Palm Bay-Melbourne-Titusville, Fla.
|Tampa-St. Petersburg-Clearwater, Fla.
|Fort Wayne, Ind.
Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.
“We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010,” said Mark Seifert, executive director of Empowering & Strengthening Ohio’s People (ESOP), a counseling group with 10 offices in Ohio.
“Last year was an anomaly, and not in a good way,” he said.
…….The big investors are wooed by what they see as a vast opportunity. There are close to 650,000 foreclosed properties sitting on the books of lenders, according to RealtyTrac, a data provider. An additional 710,000 are in the foreclosure process, and according to the Mortgage Bankers Association, about 3.25 million borrowers are delinquent on their loans and in danger of losing their homes.
With so many families displaced from their homes by foreclosure, rental demand is rising. Others who might previously have bought are now unable to qualify for loans. …….. more
If you’re thinking about investing in a rental property, experts say low home prices combined with low interest rates make this the best time in years to become a landlord. 5 specific tips