Tagged: housing market

A new report says housing prices are climbing in Detroit.

Home sale prices in major cities increased by about 4 percent from October 2011 to October 2012, and Detroit is rebounding more than twice as quickly.

However, news isn't all good for the city's housing market. Detroit still has the least expensive houses of any major U.S. city.

That's according to the Standard and Poor's Case-Shiller Home Price Indices. The monthly report tracks the prices of existing, single family houses in metropolitan areas.

David Blitzer works on the index. He says Detroit has seen the largest housing recovery of any city since it bottomed out.

"It has rebounded substantially, but it's certainly not rebounded even to where it was in the year 2000," he said.

Dozens of rental property owners and housing advocates are expected at a meeting in Grand Rapids this week. The rise of foreclosures could prompt the city to change parts of its housing code.

The city inspects rental properties with two or more units. They check for fire alarms, peeling or chipping lead paint, and other safety hazards. But single family homes for rent are exempt from inspections.