realstate and jobless info?? (Detroit: credit, real estate, foreclosure)

[ranman469]

hi
i`m from michigan [dearborn] we moved to az. for a year, not sure if i`m staying or not. i kept my home in dbn.[we rented it out]
my ?? is how is the relstate outlook? are things getting better. values going back up.

are the big 3 still cutting jobs.

thanks for any local info you can offer
randy

[ranman469]

thanks for the info.

[Coldjensens]

The real estate market has continually declined and then took a major hit right after August 15 (the credit crises). It may have stabilized now. It is hard to tell. In most places nothing is selling, but that is not unusual for this time of year. No way to know if prices have dipped further unti something sells. There was a big tax foreclosure sale in Detroit, but no one showed up to bid.




I was told that things might come back a tiny bit in the spring when more people tend to buy real estate. Also the credit crunch may get partially sorted out by then. However the long term outlook does not look very good.

Big three are still declining. There was an announcement about reduced prodcution in the the paper today. Yesterday there was an article that said that 2008 auto demand is expected to be considerably worse than originally anticipated.

Sorry, no good news for you. If your house is rented to good tenants, your are lucky. Maybe you can ride out the recession and either return then or sell it when prices recover. Could be a long time though.

[ranman469]

thanks
Coldjensens

i ask because we are considering a return to mi. we left for better weather, but i make less money here than in mi. master plumber. i always had work in mi. but i just wanted to see if the grass was greener on the other side of the fence. and miss the life we had in mi.
thanks again

[Coldjensens]

We need a good plumber (or will once we have some money again). Lots of plumbers here - have not found a good one yet. They do not show up, they do the work wrong, and they never finish. Maybe you should start your own business?

[ranman469]

thats kinda my idea. if i do move back i will return to the co. i worked at for 8 years and take it over.

yes there a lot of scamers in the trades! always ask to prove they are liscensed. i`m proud of it and willing to show it.

[Coldjensens]

All were licensed. One was a pretty large company. the best one was an individual he was older. Maybe some young plumbers lack a work ethic?