Detroit Metro Area Market Update - 09/27/07 03:12 PM
August sales showed some effects of the mortgage market upheaval, dropping about 10% off the pace we have seen for the past six months. The effects of the mortgage market will continue for the balance of the year as the markets stabilize. Our metro area will not be as affected by the reduction in mortgage money as other markets, but we will see some changes. With the average home value in excess of $400,000, California has been hit the hardest (much of that market was down 40% in August) with the drying up of Jumbo Loan money. For our market, Buyers … (0 comments)