All the world knows of Detroit's plight, its decline from the manufacturing super city to a place of economic turmoil, high crime and urban flight. The latest blow to the city's pride was the Census Bureau report that its population had dropped another 25% in the last decade to 715,000.
The good news for the housing market is that the auto industry has stabilized over the past year and that should spur home sales, according to John North, a Coldwell Banker real estate broker based in Birmingham, Mich.
"Consumer confidence is up and conditions are great for buying a home," he said. "We've probably reached the bottom and things should take off during the spring buying season -- but not like a rocket."
If the buyers do come out, they'll see some homes with drastically reduced prices. This three-bedroom ranch in Saint Clair Shores, a suburb northeast of Detroit on Lake Saint Clair, has undergone four separate cuts since last June, a total of 32%, to $57,900.
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