Detroit-Warren-Ann Arbor, MI

There is no doubt that the Detroit-Warren-Ann Arbor, MI combined statistical area (CSA) has been hit hard by the housing market crash of 2008. However, there are signs that the market is beginning to rebound. According to Realtor.com, the median home price in the CSA was $145,000 in January 2014, up from $134,900 in January 2013. This is still well below the pre-crash peak of $219,900 in June 2005, but it is a positive sign nonetheless.

There are several factors that appear to be driving this rebound in prices. First and foremost is the fact that job growth in the region has been strong over the past year or so. This has led to more people having the income necessary to buy a home. Additionally, many people who lost their homes during the foreclosure crisis have now gone through the process of repairing their credit and are once again eligible for a mortgage loan.

Investors have also played a role in pushing prices higher as they have scooped up many of the foreclosed properties and turned them into rental units. This has helped to stabilize neighborhoods and create demand for housing in areas that might otherwise have been abandoned.

Looking forward, it seems likely that prices will continue to rise modestly as job growth remains strong and more people regain their financial footing after the crisis. However, it is important to remember that we are still far from a full recovery and there could be bumps along the way