Report: Home Prices At Lowest Levels Since 2006

DETROIT (WWJ) - According to a new report, home prices in the country's major metro areas, including Detroit, have sunk to their lowest level since 2006.

A record number of foreclosures are forcing home prices down and they are expected to keep falling through this year.

WWJ's Stephanie Davis reports that the owner of City Living Detroit, Austin Black II, is experiencing something different.

He says he doesn't have enough inventory to keep up with the high demand for homes in the city's historic downtown and midtown communities.

"I have clients who have been searching for over a year now, to live in particular historic neighborhood in the city and their challenge is being able to find the right property that is move-in ready, there is a lot of competition in these neighborhoods, whether it be multiple bid situations or the property selling relatively quickly," says Black.

"Whether it be urban living options in the downtown midtown area, historic neighborhoods or the super high-end neighborhoods," says Black.

It's the high-end niche properties that are moving quickly.

Black says there are no homes available in the area that are under $200,000 dollars.