Detroit Housing Rebounds, But Don’t Pop The Champagne

No housing bubble, but Bank of England says it is watching closely

In fact, it highlights the disparity between the suburbs and the downtown. The S&P/Case-Shiller home price index out Tuesday showed home prices there were up nearly 17% in July compared to the same time last year. The area has posted increases nearly every month since January 2012. But home prices are still nearly 30% below where they peaked in late 2005.
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detroit housing prices

“It’s probably the right thing at the moment. There is a lot of uncertainty at present about the housing market.” The housing recovery has been helped by government and Bank measures to free up mortgage lending. A new phase of the government’s Help to Buy programme is to be launched in January. Governor Mark Carney and Chancellor George Osborne have shown no concern about the prospect of a housing price bubble, pointing to levels of activity in the property market that are below their pre-crisis peak. But earlier this month, a group representing British property surveyors called on the Bank to take measures to slow mortgage lending if national house price growth baltimore property management companies exceeds 5 percent a year. Ed Miliband, leader of Britain’s Labour opposition party, said this week that if he wins election in 2015 he would more than double the number of new homes built annually to 200,000 by 2020 to ease a shortage that has helped to push up prices.
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