Areas of Michigan that are dependent on manufacturing are seeing declines in home sales and home prices that, because they are driven by underlying economic fundamentals like job losses and outmigration, may prove to be more long lasting than slowdowns in other parts of the nation. Home sales in Michigan are down 12.9 percent from January through July compared to the same period in 2005, the Michigan Association of Realtors reported, while the average home price for the first seven months of the year is about 0.78 percent below the average price for the same period in 2005. The Detroit Board of Realtors reported a 7.4 percent drop in the average home price and an 8.9 percent rise in home sales from January to July this year compared to the same period in 2005. The Flint Area Association ...
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