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Experts: Michigan may be on the upswing

August 19, 2010 - Companies are relocating to its urban areas, jobs are sprouting up and real estate in Michigan could be on the cusp of a boom.

Real estate agents in the state are reporting a growing and diverse client base looking to buy homes, which could indicate that Michigan's long-maligned housing market may be in line for a recovery, reported the Detroit Free Press.

Linda Scope, a director with Century 21, told the paper that she believes the state's housing market may have finally bottomed out. "We are having people buy [homes]. A lot depends on how stable they think their job is and the length of time they will be here."

Homebuying activity may be spurred by a growing slate of companies that have relocated the state's urban areas recently. Quicken Loans made a widely-publicized move to downtown Detroit, positioning itself as the flag-bearer in the city's revitalization. General Electric and the U.S. Army are also in talks to relocate there. In addition, the city has used tax breaks to encourage Hollywood production companies to film their movies there, said the Free Press.

The Quicken move in particular also encouraged a number of other technology companies to relocate to Detroit.

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