The metro Detroit real estate market is scaring me.

I have been busy selling Metro Detroit real estate these last two months. I thought we were turning the corner. I thought the first time home buyer tax credit was going to save the metro Detroit real estate market. But I realized today that I was wrong.

You see last year I was predicting that the market wouldn't turn for 2 to 3 years. Last year I believed the Metro Detroit real estate market would not turn until the people that lost their homes in foreclosure could buy again. That is in 3 years. It was going to take an influx of immigrants buying houses, it was going to take young people coming into the housing market.

But I got fooled by how busy I was. I saw investors buying up properties. I am seeing multiple bids. I am seeing bid wars. I got sucked into this little world of bidding wars. I forgot the most important thing.

The unending supply of foreclosures hitting the market. I realized it today. I set up 15 homes to see. 12 of them are vacant. I was in a sub yesterday in Romulus. There were empty houses everywhere. Here's what I was missing. People are moving out of the bad areas. Moving into the nicer areas. The below average areas have a lot of vacancies.

This winter there are going to be a lot of homes that will be sitting vacant again. So I think home prices will fall a little over the winter especially in the rougher areas.

Russ Ravary your Livonia real estate agent serving Oakland, Livingston, and Wayne County

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