| ‘If you refer to the recent BBC news article published on the 23 rd July 09 stating US homes rose for the third month in a row in June, and at a quicker rate than expected, an estate agent body has said.
The National Association of Realtors said sales rose 3.6% to an annual rate of 4.89 million last month, up from 4.77 million in May.But house prices were still down 15.4% on a year ago. The average US sale price now stands at $181,000 (£110,000).Some analysts see the data as more evidence of a US housing recovery. Quoted the BBC site ‘.
‘If you take the Detroit housing market over 2800 properties were sold in June 09, mainly to overseas investors, snapping up foreclosure bargains .According to the US listings site. Further fuelling, the active housing market.'
Dean Baker is Co‐Director of the Center for Economic and Policy Research, in Washington he suggests in his weekly report that mortgage rates may rise in the near future. With US banks fearful of keeping rates so low. With many people deciding to delay selling their homes until the market rises. ‘
‘Much like the UK. Thus creating limited availability, of good habitable homes on the market.With construction up in June 09.This will still not solve the current housing shortage, for a few years to come.
Over 50 % of Detroit’s population rent and this trend is, set to continue for the next few years.Making Detroit a investors paradise with prices bottomed out and as low as in 1980, when the Michigan average was $39,000. With property prices, creeping up. This market is offering huge capital acceptation and a strong rental market with yields as high as 25 %.
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