Michigan real estate sales were ranked 48th out of all 50 US states in home price appreciation in 2007. While Michigan hs had only 200% appreciation since the 1980s, Ann Arbor is the only MI city in the 20 US cities that lost the most value. Cities and towns all over Michigan have been experiencing the "real estate correction" that often follows an appreciating real estate market for a short time. Some of them are Ann Arbor, Battle Creek, and Bay City (which actually had strong appreciation in 2007.) The Office of Federal Housing Enterprise Oversight (OFHEO) produced an 88 page reports that says Michigan real estate sales were number 48 in the list of states that had "...positive four-quarter appreciation" in 2007...". The report has lots of positive information, but it hasn't been widely publicized. The list of states and their ranking by appreciation over 2007 is on page 25 of the .pdf report. It seems that Michigan is one area of the country that should continue to see growth in the real estate market.
80% of the United States had POSITIVE appreciation in 2007 according to the chart page 25 and 26 of the report. And, of the 291 cities monitored in the report, 65% of US cities had appreciation. Too bad these statistics aren't being widely reported. This report uses a few different set of statistics to show different aspects of the housing market.
United States real estate still provides one of the best available forms of investment for people looking to grow wealth over the long run. Real Estate professionals should be using blogging, newslettering, pressreleasing, emailing, and any other useful method to get this positive news out!
The report can be found at: http://www.ofheo.gov/media/pdf/4q07hpi.pdf
Other MI cities with real estate depreciation
Detroit had real estate depreciation in 2007
Livonia had real estate depreciation in 2007
Dearborn had real estate depreciation in 2007
Flint had real estate depreciation in 2007
Grand Rapids had real estate depreciation in 2007
Wyoming had real estate depreciation in 2007
Kalamazoo had real estate depreciation in 2007
Other MI cities with real estate appreciation
Muskegon had real estate appreciation in 2007
North Shores had real estate appreciation in 2007
Niles had real estate appreciation in 2007
Benton Harbor had real estate depreciation in 2007
Heath Coker, Associate Broker
Robert Paul Properties
www.CapeGroup.com / email@example.com
508-274-5613 Licensed in MA
Its a beautiful day on Cape Cod!
@CapeGroup Skype: heath.coker