At one time the City of Detroit, Michigan had the highest rate of home ownership in the United States. As the decline of the Automobile Industry has continued this has affected the chances of a resident of Detroit to be able to own the house they live in.

Real estate markets are local and are directly affected by the economic activity in the area. As more and more American industries were negatively affected by Free Trade Agreements in the cities where the industries were centered real estate markets were also affected as the workers lost their jobs and moved away to look for employment.

New Housing Development and Construction has become one of the major industries in the United States and the recent Sub-prime Mortgage Crisis has caused financing for houses at the higher ends of the market to be restricted by the lending institutions. As higher priced homes are going unsold this has affected the real estate market all across the United States and the news media is reporting how prices are continuing to drop every month.

As prices drop on the unsold new homes this affects the older homes on the market as well making them more affordable for First Time Home Buyers.

This is the time to start thinking about buying your first house and we are writing about this at, Click:
Real Estate Alarm Bells Are Ringing