Market Trends Articles
February 01, 2013
Land Use and Zoning
With the economy turning around, developers are beginning to feel more comfortable in starting new projects and lenders are more willing to lend on commercial development. New commercial development impacts local zoning regulations, which, may result in federal lawsuit when a local community allows a lawful use to proceed.
Melissa Burden/ The Detroit News
Metro Detroit experienced double-digit growth in construction jobs in June from a year ago, the highest level in 11 years, the Associated General Contractors of America said Tuesday.
The Detroit-Livonia-Dearborn area added 1,800 construction, logging and mining jobs during the June 2010 to June 2011 period, up 10 percent to 19,300, according to Bureau of Labor Statistics data provided by the construction group. Read More »
Sharp Drop in Houses for Sale, Usually a Plus for Market, May Reflect Foreclosure Logjam Rather Than More Demand
The number of homes listed for sale declined sharply in a number of U.S. cities during the second quarter, offering glimmers of hope that some housing markets are starting to recover.
At the end of June, nearly 2.34 million homes were listed for sale on multiple-listing services in more than 900 metro areas, the lowest level for that time of year since at least 2007, according to Realtor.com. In some cases, inventory levels are at their lowest levels since the housing downturn began five years ago.
Shrinking inventory often is seen as a positive sign for housing because it usually means demand is rising, which often leads to higher prices. But in the current environment, the decline in inventory may instead reflect how the market remains anything but healthy. While sales are picking up in some cities, analysts say the sharp decline in inventory also reflects the slow pace at which banks are processing foreclosures. Read More »