Most definitely. We are seeing an improvement in the very high end of the market, in particular. This bodes well for the rest of the market, as the wealthy buyers demonstrate a return of confidence in the market. I'm linking to an article that I think might answer the question even better.
Yikes! I know I'm late in the game responding - but the end of October 2007 Michigan is in the dumpster. Oh Gee, we moved from #1 in foreclosures to #4 last week but check out the economy, the latest tax increases and auto contracts being negotiated - we're in a heap of trouble. I have high hopes for my great state but we have a very long way to go! To prior responders - where were you in May when the bottom began to fall? Jus Curious!
As usual your answer is "It depends" Michigan is really too broad of a market to give a "correct" answer. The market in Southwest Michigan has been stable (after declining in 2006) but the impact of a new casino will help sellers (and REALTORS) in the Calhoun county area. I would check with a local REALTOR for a more specific answer to your question.