Inventory Shortage Keeping Detroit Housing Market Down
The financial situation in Detroit is finally showing signs of improvement. Home values in the metropolitan area are on the rise, and the city itself is out of bankruptcy.
Still, the housing market remains slow to recover, thanks to one very basic issue.
“We have a shortage of inventory still,” Jenilynn Estereicher, a Detroit-area real estate agent, told CNBC. “We don’t have enough used properties for the buyers that are here. We are seeing a lot of multiple offers in the suburbs.”
Image via flickr/James