Now would be a good time to find your dream home in your dream neighborhood. As prices drop, houses in some of the area's more desirable cities become more affordable - actually, a lot more affordable.
Excerpt:
Since the market's peak in 2005, home prices have fallen about 23.2% in metro Detroit, according to the S&P/Case-Shiller home price index. Record foreclosures in the past two years have also created a drag on home values as foreclosed properties compete head-to-head with owner listings.
So, for the first time in years, buyers can find many choices in the under-$200,000 price range in communities such as Allen Park, Westland, Dearborn, Ypsilanti, Detroit, Howell, Harrison Township, Fraser, Clinton Township, Warren, Holly, Farmington Hills, Keego Harbor, Waterford, Monroe, Royal Oak and Ferndale, according to data compiled by Realcomp in Farmington Hills.
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