Detroit

Home sales have stalled in the Motor City. “Detroit is really lousy,” says Winzer. Sales activity is likely to be lower the next two years, picking up again in 2010, says Chris Porter with John Burns Real Estate Consulting. One factor is job losses: The city’s unemployment rate is 9 percent, according to Porter’s data. Prices should continue to decline through 2009 at more moderate rates than other major markets, he says.
Median price end of 2007: $133,300
Median price end of 2006: $154,600
% change: – 13.8 %
Projected change through Q3 2008: – 9.9%
Affordability rating: 0
Foreclosures in 2007:
(1 for every 20 households)
41,273
Foreclosures in 2006:
(1 for every 34 households)
26,456
Change in foreclosures: + 68.1%
Current rate comparison
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Price trends

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June ’06: National median price $227,100
Dec. ’06: National median price $221,900
Dec. ’06: Local median price $154,600
June ’07: National median price $229,200
Dec. ’07: National median price $198,700
Dec. ’07: Local median price $133,300
* Median prices for existing single-family homes