Posted on 08/15/2016 12:10:59 PM PDT by MichCapCon
Housing prices in Michigan have recovered from the Great Recession. The price of the average home sale in Michigan in the first six months of 2016 was $147,323. This is the highest since 2006, and approaching record levels.
Other state housing value indicators are up as well. The federal Housing Finance Authority’s house price index says that Michigan’s values increased 33.6 percent from the first quarter of 2010 to the first quarter of 2016. That’s the seventh-highest increase among the states.
The growth of housing values is a good thing for homeowners and landlords. But it also is driving a recovery in home and apartment construction. In June of this year, there were 2,853 units issued permits, a level not seen in a decade. This is especially encouraging since it had dropped to very low levels during the recession and stayed there for years.
So far this year, 290 structures with five or more units were issued permits. At the trough of the recession, there were only 22 of these structures that received permits.
The recovery of the housing market in Michigan is another sign of broad-based economic growth.
I’ve heard of the GREAT DEPRESSION. Since when was the housing drop in 2006 the GREAT RECESSION?
Now for some decent wages upnorth.
It truly was for Michigan residents. Whole neighborhoods were foreclosed. I lost my job and moved out of state. We were fortunate to be able to sell out house.
We bought it ten years before and paid about $50,000 below market value because it needed some work. We did the work and sold it for $35,000 less than we paid for it.
Yea, I’d call that a great recession.
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