The following chart, which details price appreciation of a given area's "most expensive homes" from June 2005 to June 2006, was excerpted from today's Wall Street Journal. As you will note, of the major real estate markets mentioned, Detroit had the largest percentage decrease, at 3.1%. This means that, for example, a home that sold for $1,000,000 a year ago would sell for $970,000 today. While this is undeniable "bad" news, I am thankful that the decrease was not more significant than it is.
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