© 2021 MICHIGAN RADIO
91.7 Ann Arbor/Detroit 91.3 Port Huron 104.1 Grand Rapids 91.1 Flint
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
On this page you'll find all of our stories on the city of Detroit.Suggest a story here and follow our podcast here.

Detroit home prices continue slide

IMG00507-20100911-0959.jpg
(photo by Steve Carmody/Michigan Radio)
/

Detroit’s home prices may soon take another tumble.  Standard & Poor’s Price-Shiller index says home prices in the nation’s 20 largest cities are falling once again.    Home prices in Detroit aren’t falling as fast as other cities in the survey, but then again Detroit’s home prices are already the lowest among the nation’s 20 largest cities.  

  Home prices in Detroit haven’t been this low since 1995.  

Maureen Maitland is a vice president with S & P.  She does see some positive news in the latest home sales numbers. 

“There’s no doubt that Detroit is in bad shape. However if you look at the last 6 to 8 months, Detroit on a relative basis is doing better than many other markets.”

Maitland says foreclosed properties are partly responsible for dragging down Detroit home prices. 

A recent survey found about a third of homes sold in Detroit were formally repossessed. 

Related Content