The economy is on the upswing and Detroit has seen proof in the rise of housing prices over the last year. From October of 2011 to October 2012, Detroit saw the 2nd highest housing cost increase at 10%, after Phoenix’s increase of 21.7%. After almost two years of steady declines, Detroit’s economy is finally beginning to bounce back.
Rising prices are encouraging people to start buying homes again and homeowners are finally able to feel confident enough to put their houses on the market without fear of getting undervalued. Higher home prices also give homeowners a sense of wealthiness and they feel more inclined to spend money – consumer spending accounts for roughly 70% of the US economy.
With the housing industry steadily gaining ground around the country, the economy is slowly beginning to follow in its footsteps.
Categories: Detroit News