There is no question about it… Detroit is the weakest most pitiful metro housing market in the country and looking at the latest data from Radar Logic, makes a fine inductee to the “Re-Busting” lineup.
It looks as though the first time home buyer tax gimmick drew in a significant number of “buyers” in the spring of 2009 ushering in one of the most significant jumps in prices seen in recent years.
Even after prices topped out in late summer and fell back to the lows, the first expiration of the tax scam drove prices up again yet again for a feeble rally into November.
This rally too did not last falling to where it sits now… at a series low some 49.40% below the peak value seen in 2005.
Worse yet, prices continue to head lower at a good clip declining 15.45% on a year-over-year basis.
Thus what Uncle Sam giveth, the Market taketh away!