Quietly, without much fanfare, the real estate market is beginning to make a comeback across the country. Oh, you might not see it splashed across the headlines or leading the 6 o'clock news, but state by state, county by county, markets are beginning to turn after years of price drops and sales slumps.
A while back, we reported on Southeast Michigan's turn in pending sales at the end of 2007. Well, the numbers have moved up even higher this spring and spread across the state like a flowering ground cover.
Of course, leading the way is the heart of the Rust Belt, Detroit City. Home sales are up a whopping 48 percent. Buyers have purchased 1,000 more houses year to date than last year at this time. Banks and homeowners sold more than 3,000 houses through the end of April. Agents in the area point to price drops of nearly 50 percent, low interest rates and an ample supply of foreclosures that have brought buyers off the sidelines.
Other markets not hit as hard with price drops and foreclosures, however, are also making a comeback. Realtor associations, the keepers of statistical data, are reporting surges of 2 to 14 percent for the Dearborn, Macomb County, and Oakland County areas. And in case you were wondering -- the Paul Bunyan Board of Realtors report year to date sales up 5 percent.