In cities where the market for selling houses collapsed in 2008, things are improving.
Among the hardest-hit cities were Detroit, Miami and Atlanta. Houses prices are slowly going up. This is a sign the economy is improving.
In Detroit, housing prices went up by 6 percent in May and June of this year. In Miami prices went up by 1.5 percent. In Atlanta they went up by 4 percent.
The most important reasons are:
- low interest rates on mortgages
- confidence by buyers that this is a good time to buy a house
- banks reducing the number of foreclosures
- real estate investors buying houses for future sale
Experts say there may be problems ahead. Two of them are uncertainty about the presidential election and tax breaks that are expiring at the end of the year.
However, home prices are rising across the nation. Economists think it will continue.