Ann Arbor, U-M serve as examples of home-buyer tax credit success

Ann Arbor was one of the real estate hot spots in Michigan before the housing crash. After the housing crash and after the home-buyer tax credit takes effect, Ann Arbor is one of the first places to rebound.

Excerpt:

The Michigan cities of Ann Arbor and Detroit are only about 40 miles apart, but the distance is enough to present starkly different housing markets.

The Ann Arbor market saw the boom and bust in recent years. But first-time home buyer tax credits in 2009 helped change fortunes.

"It's almost like we started fresh this year," says Alex Milshteyn, president of the Ann Arbor Area Board of Realtors. "For the first time, I have buyers who are in the market (who) can't find what they are looking for."

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