Detroit housing market stands strong as US prices fall

While prices in the rest of the US continue to fall, property prices in Detroit are holding up well in the current climate, it has been reported.

For those looking to use international money transfer services and buy a home in the US, the news could be encouraging, particularly for those searching for a house bargain.

According to FNC Residential Price Index figures published by Overseas Property Professional, house prices in the 30 biggest metropolitan cities in the US fell by more than three per cent between May and October this year.

However house prices in Detroit are up for the third month in a row and now stand at 5.3 per cent higher than previously.

Speaking to the news source, Rod Thomas from Axis Property Investment said: "The US housing market, in general, remains ideal for investment opportunities. House prices are still low due to foreclosures and rental demand is high."

Detroit is the largest city in the state of Michigan and is known for being one of the centres of the US automotive industry.

Posted by Sarah Pitton

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