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Real Estate Guide 2007
Analysis by region
National statistics are meaningful, but in real estate "location, location, location" means local trends trump all.
City overview
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Detroit
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Economists agree that this is one of the question mark markets. Dr. Lawrence Yun says home prices are so affordable that anybody with a job and a good credit history can afford to buy a home, but that's the problem - people are losing jobs. That's causing consumer confidence in automobile-dominated Midwestern cities like Detroit to be among the lowest in the country. Prices have fallen, and single-family construction dropped 43 percent in the past year.
4th quarter 2006: $154,600
Median price 4th qtr 2005: $156,200
% change: -1%
Projected avg price end of 2007: $147,470
Current avg 30-year fixed rate: 5.83%
Current avg 5/1 ARM rate 5.63%
*Affordability rating: 1.4
Foreclosures in Jan. 2006:
(1 for every 357 households)
2,315
Foreclosures in Jan. 2007:
(1 for every 124 households)
6,653
Change in foreclosures: +187.39%
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Current rate comparison:
» Click here for state vs national rates
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Key market events
 
Key market map
Dec. '05: Median price $156,200
Jan. '06: 30-yr fixed rate at year's low 6.10%
June '06: National median home price $227,100
June '06: Fed makes last of 17 rate hikes
July '06: 30-yr fixed rate at year's high 6.80%
Dec. '06: Median price falls 1% to $154,600
Jan. '07: National median home price: $210,600
-- Posted: March 8, 2007


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Mortgages
Compare today's rates
NATIONAL OVERNIGHT AVERAGES
30 yr fixed mtg 4.23%
15 yr fixed mtg 3.26%
5/1 ARM 3.70%
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