The median value charts show that bank owned values have bounced around a bit while non-bank values have moved steadily upward in the past three months. Average Price per Square Foot and Median values tend to follow the same trends so looking at both can help confirm a market direction.
Another exciting opportunity is the strength of our single family home rental market. While home values were declining, rental rates and demand for rental homes remained firm (as an unfortunate result of so many home owners now forced to be renters). So investors can now get reasonable cash on cash returns when in the past they were lucky to just cover their costs (my website has an investment analysis button on each listing when you do a search or look at the featured homes). The other side of that coin is that Metro Detroit (Oakland, Wayne, Macomb and Washetnaw counties) is one of the strongest markets to own in lieu of renting. The chart to the right shows an extreme example of the power of owning vs. renting. In the example, because the Buyer saves $350 per month over renting, they can actually lose money on the home (in this case the home falls in value over 20%) and still make a great return on their investment (down payment plus loss on sale)!
So as a renter/buyer, if you have any interest in being a homeowner in the next five years, go after it now, there will be not better time to do it!