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Property prices rise by 27.1% in Detroit

2013 is shaping up to be a better year for the Detroit housing market. In the first month of the year, all multiple-listing service sales rose by 9.4% from a year earlier, according to data from Realcomp.

 
 
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PRLog - Feb. 15, 2013 - This stands out in a market that suffered so much throughout the housing crisis.

In the Obama administration’s monthly scorecard for January, the U.S. Department of Housing of Urban Development revealed that the administration’s efforts have helped nearly 100,000 Detroit area  households avoid foreclosure.

"Every foreclosure avoided has positive impacts for families, communities, and our economy," said Treasury Assistant Secretary for Financial Stability Tim Massad.

Additionally, an estimated $208 million has been provided for the city via HUD’s stabilization program in order to aid redevelopment and assist resident property purchases, the scorecard revealed.

The median sales price for all homes for sale jumped 27.1% from $63,000 to $80,091 year-over-year in January. The median sales growth varied from metro to metro, with some metros seeing as much as a 65% increase since last year, the Realcomp report showed.

A true indicator of a market turnaround in Detroit, is the decline in foreclosure sales, which dropped 11.7% from last month to January 2012. Some metros saw a much larger drop of foreclosure sales, such as Grosse Pointe, whose foreclosure sales fell 40% year-over-year.

Approximately 18% of the market inventory is comprised of short sale properties, while 13% is comprised of foreclosures. Overall, the on-market inventory dropped 21.8% from 27,389 to 21,423.

Detroit’s property market is recovering faster than much of the rest of the nation, but it has a longer road to full recovery than most other markets as well.

Property4peanuts, a real estate agency who have worked intensively in Detroit since 2008, confirm the findings of the Realcomp report. Sales manager, Emma David, notes that it’s getting harder to secure bargain price properties in the metro area. And that short sales are increasing. The company continues to tip Detroit for good capital gains and rental returns. Emma says, “We’ve always backed the city as it’s the hub of a key industry – automobiles”.

The recent uplift in car production and taking on of more staff by the major automakers underlines the fundamentals of “Motor City”.

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