[animatedmartian]

Metro area home values on upswing

Many suburbs in the tri-county area jumped anywhere from 10% to 20% during 2014.

The few losers were cities like Detroit, Hamtramck, Highland Park, Ecorse, River Rouge, and Inkster. Pretty much every other municipality in Wayne county had increases. Though with Detroit, many people had been saying that property was overvalued for a while and the mayor has already announced more cuts to property assessments by 5% to 20% for 2015. So falling property values aren't necessarily a bad thing there. Though on the flip side, foreclosures in these depressed areas are still a major problem so lower property values won't help there. Otherwise it's pretty much sunshine for the rest of Metro Detroit.

[zthatzmanz28]

Many of the houses my wife and I are looking at are still close to 50% of their pre-2009 market value. The exceptions are a few houses priced over $175K that are close of slightly above pre-2009 prices.

[chh]

Where are you looking for homes?

[UKWildcat1981]

Cool story bro, good for Detroit area I am happy for these residents.

[animatedmartian]

Originally Posted by zthatzmanz28

Many of the houses my wife and I are looking at are still close to 50% of their pre-2009 market value. The exceptions are a few houses priced over $175K that are close of slightly above pre-2009 prices.

That's not really too surprising given how far market values actually fell from peak. Market values pre-2009 seemed way overpriced in many areas.