Flint tops list of fastest recovering housing markets
Mon, 19 Aug 2013 22:41:06 GMT —
The Vehicle City is topping RealtyTrac's list of Americaâ??s fastest growing housing markets.
â??My first response was, I was surprised,â?? says Flint homeowner John Park.
Itâ??s all thanks to an 85-percent dip in foreclosures and a spike in cash sales but not everyone is buying it.
â??Iâ??m just still not convinced,â?? says Madeline Kingston-Park, Johnâ??s wife.
â??(Itâ??s) a misrepresentation of what's really going on,â?? says Pat Oakes, past president of the Flint board of realtors.
Oakes says investors are fixing up uninhabitable homes and putting up the 'for rent' sign. He says that's driving up home values.
â??I think it's a good thing but you probably have people out there that would tell you it's not so good,â?? says Oakes.
â??I don't see the houses going for sale and when they do go for sale, they're very low prices,â?? says Kingston-Park. â??Way lower then what I would want for my home,â?? adds the homeowner.
Madeline and John Parkâ??s home of 14 years isn't exactly skyrocketing in value.
â??I think it's going to be a while before that happens,â?? says Kingston-Park.
â??If you'd look at hard numbers, you'd probably see that maybe prices have gone up 3-percent or so,â?? says Oakes.
While Flint neighbors aren't totally buying the new ranking, they're still claiming it a victory.
â??It makes sense and Iâ??m glad we're on top of something, some good news rather then the bad news,â?? says Park.