As reported in the Wall Street Journal this morning, although home prices were down 9.4% from a year ago, nine out the 20 metropolitan areas in the S&P/Case-Shiller home price index reported monthly increases. Detroit and Minneapolis had the largest monthly increases of 1.8%. Read into these figures any way you want but Detroit needs all the good news we can find, be it a one month increase or a one day increase, we'll take it and run with it.
One thing you'll find with most Michiganders, we're tough and resilient, we have to be, to bare the winters, ups and downs of our local economy and auto industry (and sports teams), but we always come back. We like the saying, "If you don't have anything nice to say (especially about Detroit), then don't say anything at all." We're also a pretty optimistic bunch. Hope you are too.
Happy Thanksgiving to everyone on Active Rain!
Trent Dalrymple, Hard Money for Detroit Real Estate Investors
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