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The Detroit News had a nice article yesterday about Metro Detroit home sales increasing during March of this year.   One question that it brought to my mind though is this:  Will it last?

Real estate professionals in Macomb County and the surrounding Metro Detroit area have been witnessing the rising of the number of homes sold as well as the increase in sales prices, yet we are all asking ourselves if this is it.  The it we’ve been waiting for.

Have we hit bottom?

Personally I think it is much too early to answer that question.  We need many more months of rising home sales and home prices as well as a continual decrease in foreclosures and short sales (distressed homes).

I also believe that the ending of the first time home buyers tax credit will slow the market a bit going into May and June.

The article did point something out that many people don’t realize:   We started our decline in the real estate market much earlier than the rest of the country.   Job loss was our first  downfall, not risky mortgages.

All in all the article was a bit encouraging and I hope and pray that our real estate market here continues on an upswing.  We all need some good news don’t we?

~Kris Wales~  A partner for your real estate needs in Macomb County MI
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