Are real Estate values still falling? (Detroit: housing, investment, suburbs)

[Coldjensens]

Real Estate prices in the Detroit suburbs seem to have fallen about 40% in the past two years. Has anyone seen any indication that we have bottomed out, or are prices still falling?

[firecracker123]

Originally Posted by Coldjensens

Real Estate prices in the Detroit suburbs seem to have fallen about 40% in the past two years. Has anyone seen any indication that we have bottomed out, or are prices still falling?

I'm anxious to know this too! Last night my husband was reading an article that said homes in the US, in general are predicted to continue to fall, but nothing specific on Detroit...I would rather move earlier and save thousands then....

[downthathighway]

ANY investment, even real estate/homes has some gambling, there never seems to be a 'sure thing'. But historically, in the U.S. the best investment for a family is owning their home. Even in a down market, prices can eventually recover, even go up. If you plan on staying in Detroit area awhile, seems like you can't go wrong if you buy a home that you are comfortable staying in, for however long. As a short term investment, well big gamble there. The smallest down payment possible would be recommended. Noone can really accurately predict housing prices in the future. But California had a 'bust' a few years back. Those who bought low(gambled) and sold before the most current downturn came ahead. But the market did increase for a few years until recently. This is the first real major housing price drop in Detroit area,noone knows when the trend will reverse.