SUMMARY    HISTORY    PEAKS & TROUGHS    FORECASTS

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The Detroit housing market experienced a small nominal increase in home prices in the fourth quarter, while real prices stagnated. The year finished with nominal losses for the first time since 1983 and in real terms was the 4th worst year on record. Unfortunately, it is has been poor local economics that have lead to a slow and painful decline in home prices, rather than decreased affordability as in many other US cities. However, while further sales declines should be expected due to current local market psychology, significant price declines are unlikely as the mortgage debt servicing cost has remained extremely low.

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This ratio compares the monthly mortgage payment (principal & interest only, which does not include hazard insurance, property taxes or any needed private mortgage insurance) for a median priced home financed at the prevailing 30 year mortgage rate to the local median 4-person family income.