DETROIT, May 11 (UPI) — The median sale price of homes in a 10-county region including Detroit jumped 61.3 percent from April 2009 to April 2010, a real estate group said.
Realcomp II Ltd., based in Farmington Hills, Mich., said the price of homes and condominiums surged from a year ago, but a separate study by CoreLogic Inc. said Michigan has the fourth highest percentage of homes in which the homeowner owes more on the mortgage than the home is worth, The Detroit News reported Tuesday.
The median price of homes more than doubled in Wayne County from April to April, rising to $36,900. In Oakland County, prices have jumped 30.2 percent to $110,000, the newspaper said.
Sales rose 16.9 percent in the 12 months in Wayne County and 16 percent in Oakland County. In Macomb County, north of Detroit, sales rose 4.3 percent.
CoreLogic said only Nevada, Arizona and Florida have higher percentages of homes underwater — homes that are worth less than the amount owed. In Michigan, 38.6 percent of the homes are underwater, the News said.
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