This is cheerful. In the Detroit News today, a big piece about what people who follow Detroit real estate have suspected for a while now: our market blows. According to the article, median selling prices are dropping (bad); time houses are on the market is inceasing (bad); and two thirds of Michigan moves (according to United Van Lines) in 2005 were outbound (really bad).
Oh yeah, interest rates are rising. Combined with our lousy car-based economy, it's apparent that even less than 5% through the year that we're not going to have a fun 2006 here.
Detroit, Real Estate, Interest Rates