Michigan home prices: still in the dumper

I’m still trying to sell my house so I can skip my 150 mile commute to the new job–and not having much luck, despite dropping the price on the house over 20K since January 1. And now, I find out I’m in the area of the US that fell the most in terms of home prices:

“home prices – those in Clinton, Eaton and Ingham counties – plummeted more than any other market in the country during the fourth quarter, the National Association of Realtors reported Thursday.

The median price – meaning half sold for more and half sold for less – fell 18.8 percent to $109,600 in the last three months of 2007. That was down from a median price of $135,000 one year earlier.

Real estate experts attribute falling prices to two major factors: the rising number of foreclosed homes on the market and job losses.”

I’m screwed :(

Other recent Michigan news at the Bug Blog:

8 thoughts on “Michigan home prices: still in the dumper

  1. I can really understand the startling side of this situation. I know that commuting is a really unpleasant and tiring thing but I would like to suggest you to wait for a while, there is no stagnancy what considers the property market. The prices are falling and rising sometimes unexpectedly, I was nearly in the same situation as I had two houses for sale in Toronto and the time wasn`t adequate. Be patient, this year has just started and the recession of the real estate business is evident everywhere.

  2. Well, I would really like to have that 3 hours that I spend commuting back in my life.
    I could do a lot of things with that time.
    Like sleep.
    Or not be killed by deer and SUVs on icy back roads.

    What you say is sound financial advice, but it doesn’t fit in my life right now.

  3. I know what you mean. We found a community that we LOVE and that we’d love to move to… beautiful houses that we can afford and not too far from the university, BUT we’re stuck in our craptacular little house (forever, I guess). Sigh. :(

  4. I’d like to move also, but in my case I’ll try and ride it out. I have a small business and in this economy I’m thankful I have a roof over my head. Hoping for better times after the election.

  5. Research your options, you can’t just rest your assesment of the situation at “I’m screwed” This is a terrible time to be selling, the buyers will lowball you to death.
    If you were in college you should have realized you’d be moving eventually and sold your house back in 2004 or 2005 when the market was peaking.

  6. And with what psychic powers would I have known that was the peak?

    C, you’ve left comments all over my blog, and all of them seem to suggest you are quite an ass.

  7. dear b-g, I’m sorry to hear of your misfortunes but reluctantly I have to agree with C, whether he is quite an ass or not. You didn’t need psychic powers to know that big trouble was on the way back in 2005, in fact the first clear signs were as far back as 01 when Enron went belly up, the Bushites (remember Kenny boy?) were doing the same thing but on an even larger scale.

    I think that science is the highest and most noble calling, but it’s just not smart to ignore economic and political fundamentals. US hegemony has been sold down the river, along with too many of our freedoms, by a bunch of near fascists. I don’t blame Gee Dubya, he’s just too dumb, but the people who have their collective hand up his ass scare me a lot. Just hope Obama scrapes in and then survives long enough to change a few things.

  8. Paul, your post doesn’t make much sense either. You’re talking about timing a market, which is pretty much impossible.
    If it were that easy, we would all be rich (And Psychic).

    In 2005, I didn’t know that a great job on the other side of the state was coming my way. I was (mostly) happy in the job I had. I did know that the price of gas was going to go up, which is why I purchased a Hybrid in 2002, and am not feeling a gas pinch on my daily 150+ mile commute.

    Again, I really don’t see why whenever I make a personal post about the trouble I’m having selling my house, people seem compelled to chastise me for being in the wrong place at the wrong time.
    It’s pretty damn annoying.

Comments are closed.