Michigan’s real estate market continues to surprise the naysayers who expect national real estate markets to recover slowly or even continue to drop. Unlike the rest of the country, Michigan is unique in showing signs of resurgence.
This is not completely surprising in view of the fact that Michigan’s economy and real estate markets have varied from the national experience for the past five years. Our markets were already in decline in 2005, 2006 and 2007 when much of the rest of the country continued to experience robust sales and increasing prices. By the time the national real estate recession occurred, sometimes characterized as the “sub-prime crisis”, Michigan’s residential real estate values had already dropped by 35 percent.
The rest of the nation is currently facing a second wave of foreclosures stemming from exuberant purchases and refinancing which occurred three to five years ago.
Michigan did not participate in that exuberance, due to a market already in decline, which is helping us pull out of this real estate recession sooner than the rest of the country.
Many brokers across the country are reporting lackluster sales activity since the home buyer tax credits expired two months ago. Most local brokers and agents in SE Michigan are reporting just the opposite.
It is important to remember that all real estate is local and national media headlines don’t always apply.
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