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 | OCTOBER |
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| MARKET OVERVIEW |
15% fewer homes sold, 22% more homes for sale in 2006 over 2005.
Number of Months inventory rose from 11.75 months to 16.06 months last quarter 06 vs. 05.
It is interesting to note the increase in homes sold for the city of Detroit. It appears that is a result of the investor interest in bank owned properties as well as the relative affordability of those homes (40% of our sales are currently to first time home buyers).
Home values will continue to fall of 2004 peaks for 2007 and possibly into 2008. |
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