Today they revealed that Michigan is still number one in the nation in Unemployment. How does that affect the Metro Detroit real estate market?
It is really quite simple. If you take 10% out of the market because they are unemployed it means there will be more foreclosures coming and less demand. Less demand because unemployed people can't buy houses. Some of these unemployed people are moving back in with family.
They are not buying Livonia real estate or any home in the metro Detroit area. They aren't buying any Oakland County Lake real estate or even a condo. They aren't spending money, they are uncertain about their future.
Less demand then means there are more homes going to be on the market. The longer homes are on the market the lower prices will fall. We need job creation to help rebuild the Metro Detroit economy. Just my thoughts.
Russ Ravary
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