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Detroit home prices up 7% in July

Detroit’s housing market has been showing improvement, and home prices went up by an average of 7% in July – and this also includes the price of repo homes. For example, a two-story, brick housing unit in the city was sold for more than $47,000 in July, two years after a US Bank foreclosed on it.

According to mortgage data company FNC Inc., some Detroit neighborhoods are recording huge price gains due to the state’s automobile industry seeming to have found its way toward recovery and investors flipping repo homes. As the latest data covering the month of July shows, home prices went up by 7.2% compared to a year ago, which marks Detroit’s biggest increase in more than twelve years. FNC’s chief data officer Robert Dorsey said this is the result of two positive factors influencing the housing market: the auto industry comeback and the housing market reaching its bottom.

The popularity of repo homes has been high among investors, who are now flipping the housing units back, helping the housing unit prices in neighborhoods severely affected by foreclosures.

According to Realcomp II Ltd, a multiple listing operator based in Farmington Hills, home sales in the larger Detroit area went up 11% last month compared to August a year ago. The inventory of repo homes on the market has dropped a significant 16.1 %, totaling  26,404 housing units, while foreclosures accounted for about 12% of the total home sales transactions. Short sales were also up, accounting for 21.3% of the total sales numbers.

However, the recovery has not been uniform across the city. As the Detroit Census Bureau data shows, 30% of Detroit homes are vacant, and the city has a shortage of housing units located in good areas. As the real estate agents report, if a repo home located in these areas hits the market, it is usually sold in within two days.

The average price paid for a repo home in Detroit was slightly above $20,000 in July (according to the local Association of Realtors), which makes the city the cheapest urban market in the country.

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