MAY 31, 2009  Despite low mortgage rates, the infusion of the $8,000 federal tax credit for first-time home buyers into the market and improving affordability, home sales in the Greater Lakes region continue to underperform compared to last year. Year to date there has been 11.2 percent fewer closed sales than at this time in 2008.
Home prices remain soft as the year-to-date median sales price in the region of $122,000 represents a decline of 18.7 percent from this time last year.
The Housing Affordability Index has improved dramatically, which means more consumers can afford to purchase a home in the region. This is good news for the long-term health and sustainability of the region's housing