Sunday, October 19, 2008

Homes Sales in This U.S. Metro Area Up 62% Since Last September

This middle American city has an estimated population of 919,000. In earlier days, it was a hub for industrialization.

(1.) The average sale price of a house here is $21, 250!
(2.) The region's unsold house inventory has shrunk 16.43% from last September to an 11 month inventory.
(3.) A little more than one-third of sales in this Metro area come from foreclosed properties.

What city is it? DETROIT.

I infer that unsold houses will start to sell when either an area has a good job base or the houses are just plain dirt cheap. Here's the article talking about Detroit real estate.

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