Michigan Woes

Typically, as a Michigan resident, I find myself complaining about the sports teams more so than anything else. But with the Pistons and Wings getting ready for playoff action, after great regular seasons, I hear more complaints about our state's economy.

[ed. Besides, the Lions aren't playing yet! Nor the Wolverines or Spartans!]

Well, the Detroit News has an article on the net loss of folks moving out of the Metro Detroit area. The region saw a net of 20,000 families leave the metro area from 2003 to 2004. Of course, the prospect of the big three enacting larger cutbacks could increase the rate of departure from the metro area.

So, This Relates to Real Estate How?

I'm sure we can hypothesize what different scenarios might arise from this exodus of Metro Detroit. One solid fact, is that as folks leave this area, they will likely need to sell their home. That means more inventory, more pressure for accurate pricing and more creativity in marketing homes for sale.

For buyers, well, if the impending jump in mortgage rates doesn't spook you, then you will see even more homes to choose from – across all price points.

Update:  Forbes.com has an article specifically about the rising trend for mortgage interest rates. 

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