It feels like every couple weeks or so, we hear or read about how the “recovery” has arrived and home values are on the way up. Then, an article like this one in the Detroit Free Press comes out.
Face it folks, we’ve still got a ways to go before the word “recovery” can be mentioned with a straight face.
There is no doubt the tax credit helped to spur sales, but as long as unemployment stays high, there is no way a serious, permanent recovery can be made.
Granted, we’re worse off here in Metro Detroit than in many other parts of the country, but we also never peaked as high as many areas did during the bubble years. Still, the articles projections for property values dropping to 50% of their pre-2007 worth by 2013 are pretty amazing.
So for those on the fence about a short sale, wondering if they will see their property values come back if they wait a little bit longer - let it go. Get out now and go cheaper, unless time and money are on your side…
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