BY GRETA GUEST
DETROIT FREE PRESS BUSINESS WRITER


The last time home prices in metro Detroit were this low, it was the summer of 1994, and Wayne Fontes was the Detroit Lions coach.

Southeast Michigan is far from alone in having depressed home prices, but its descent has been more dramatic. Home prices in metro Detroit have dropped an average of 48% from their December 2005 peak. They're down 34% from 2000.

Those in the market to sell their homes know that all too well. Anand Gandhi, 36, a Ford engineer, said he realizes he will have to take a loss on his West Bloomfield home. He purchased the home in 2004 for $438,925 and listed it for $350,000. The 3,200-square-foot home boasts four bedrooms, three full baths and two half bathrooms and lots of extras, such as cherrywood kitchen cabinets.


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