Detroit Metro home sales up by 15%
While Detroit may be leading the country in foreclosures they’re also leading the country in sales as well. Some may ridicule the bargain hunter view of the “housing bubble burst” but it appears buyers in Detroit are taking that view quite seriously. People forget that such markets while feeling short term pain are largely self correcting. And as prices come down people who recognized the overstated values and pushed off purchases may now be drawn back into the fray looking for bargains that didn’t exist a year or two ago. What will cause a crunch, though, is cash flow in the banking industry which will cause those on the margins of suitable credit scores to find their financing options have dried up. Certainly a short term problem. If you find yourself in that predicament you’ve a golden opportunity to work on improving your scores and put money away. A year down the road the larger down payment from your savings and the better credit score combined with a continued righting of housing values will get you more for your money not only in the house price but from the lenders as well.