There are many naysayers and chicken little's out there spouting their opinions of what's to come. I look at the facts in black and white and experience the reality of this real estate market everyday out in the field.
Frankly there is a lack of inventory because quite a few homeowners are still underwater on their mortgage. It's just that simple.
For those buyers/investors who have been waiting for the banks to finally start dumping their purported large supply of foreclosed properties the wait is over.
What little the banks have in foreclosed inventory in Michigan is either being held long term or being sold in bulk to large investors. There are still bank owned property's for sale but their share of the local market continues to decline. Since early 2012 prices have been steadily climbing. In our market we are observing the simple law of supply and demand in which there is a very limited supply of homes for sale which is less then the number of buyers looking to purchase.
We are on the upswing here in Metro Detroit and thats great news for homeowners, builders and employers.