Sunday, July 20, 2008

Mid-Year Market Review

While we've continued to see values decline, activity is up year to date with Wayne County posting the largest increase in June according to the Detroit News.

In fact, for the sixth straight month this year, the number of homes sold increased 13.1% over 2007 in June according to an article in Crains Detroit Business.

However, there has been a lot conflicting press, particularly when it comes to recent sales. Karen Kage, President of Realcomp, our local and Michigan's largest Multiple Listing Service, clarified the reason for this in a recent Detroit Free Press article saying the MLS data is more readily available as it can take between 30-90 days for county governments to count a sale.

Those of us out on the housing front have noticed many of the properties we call on to make appointments are already under contract. That's a promising sign. Now let's hope values start edging up!

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