Michigan News
(2010-09-09)
Detroit saw home prices rise by nearly 15% in the second quarter of the year. That was among the biggest market jumps in the nation.
Alex Villacorta is a senior analyst with Clear Capitol, a real estate industry company. He says Detroit's housing market benefited from government home buyer incentives that have expired.
Villacorta says the housing market is entering a phase it hasn't seen for a while, a 'normal market'.
"We really haven't experienced a normal market' with normal borrowing and buying conditions' in quite some time," says Villacorta, "Coming into 2011, that's what we'll be watching."
Villacorta expects housing prices in Detroit and elsewhere will decline during the rest of the year. He hopes home prices will stabilize in 2011. © Copyright 2012, Michigan Radio
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