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Thu December 8, 2011
Michigan's home prices are stabilizing
A new report says home prices in Michigan, and the rest of the country, are stabilizing.
During the recession, home prices swung wildly. First plunging down, then bobbing up as government incentives spurred buying.
Alex Villacorta is with Clear Capital. He says their data shows home prices in Michigan remained relatively flat over the past six months. Villacorta expects 2012 will bring slight growth in Michigan home prices. Though he cautions, in cities like Detroit, home prices are still going to be very low.
“Even though if we see significant price (increases)…let’s say over 5 percent…over the next year…which would be welcome for the area…you have to keep in mind this is against the backdrop of the nearly 75 percent decline since the peak values in 2006," says Villacorta.
Villacorta says stabilization in housing prices should help soothe concerns about the real estate industry, even though there are still a large number of foreclosed homes on the market.
“It’s my view that we don’t necessarily have to get rid of all of that before we see a market recovery," says Villacorta.
Villacorta says home prices are improving in Ann Arbor, Kalamazoo and Grand Rapids. Home prices are declining in Lansing, Flint and Detroit.