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Detroit housing market making a comeback

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Lacking resources to live in larger urban centres, young people are investing in Detroit homes. Photograph: Rebecca Cook/Reuters
Lacking resources to live in larger urban centres, young people are investing in Detroit homes. Photograph: Rebecca Cook/Reuters

DETROIT (WKZO) -- Here is some positive news for Detroit, unless you are trying to buy a home there.

The state’s largest and most financially challenged city posted the most positive increase in home sale prices in the nation in November.

Nationally sale prices rose a modest one percent over October, but were up a strong 10% from the same month last year.

Daren Blomquist of Realty Trac says the Motor City led the way with a huge jump in home prices, up 39%.

It seems there is a shortage of housing for the workers at the firms that have sprung up in downtown Detroit.

 

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