Michigan housing sees improvementPublished 9:14pm Wednesday, January 11, 2012
LANSING — Grand Rapids, Lansing and Monroe are among leaders in the latest National Association of Home Builders/First American Improving Markets Index (IMI) released Tuesday.
The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. This is the second consecutive month that local markets in Michigan qualified for the IMI. Ann Arbor and Muskegon were listed on the IMI index in December.
“There is a growing sense of momentum in the housing market across Michigan which is reflected in the trends the Improving Markets Index has identified,” said Robert Filka, CEO of the Michigan Association of Home Builders. “We were seeing some pockets of success here and there, but now we are beginning to experience more consistent, sustained improvement in markets such as Grand Rapids, Lansing and Monroe.
“The Lansing area has always been one of the national leaders in housing affordability,” said Gerald Fedewa, president of the Greater Lansing Home Builders and Remodelers Association. “The combination of increasing market demand, favorable prices and an improving economic outlook bodes well for homebuilders in 2012.”
“More consumers are looking more favorably at a home purchase in light of today’s historically low interest rates and attractive prices,” said Bill Roersma, president of the Home Builders Association of Greater Grand Rapids. “As the general economy continues to improve, there is good reason for optimism as we look forward to the next few months in homebuilding.”