Detroit's outlook falls along with home prices Motor City on the brink of bankruptcy, but still 15 people want to be mayor By Tim Jones | Tribune correspondent January 29, 2009 DETROIT — It may be tough to get financing for a new car these days, but in Detroit you can buy a house with a credit card.
The median price of a home sold in Detroit in December was $7,500, according to Realcomp, a listing service.
Not $75,000. Remove a zero—it's seven thousand five hundred dollars, substantially less than the lowest-price car on the new-car market.
There are many jokes that coulb be made but seriously, this just saddens me. People were talking about this on the radio and reporting that there are many burned down abandoned houses in Detroit that are just left vacant.
Also from the article:
On a positive note, Detroit's homicide rate dropped 14 percent last year. That prompted mayoral candidate Stanley Christmas to tell the Detroit News recently, "I don't mean to be sarcastic, but there just isn't anyone left to kill."
Oddly enough my wife told me yesterday about an article she read on msnbc about people/companies buying lots of homes in Detroit in big bulk because the prices were so low ($10,000 range).
Crazy to see houses that cheap.
Yes doctor, I am sick. Sick of those who are spineless. Sick of those who feel self-entitled. Sick of those who are hypocrites. Yes doctor, an army is forming. Yes doctor, there will be a war. Yes doctor, there will be blood.....
One thing to bear in mind is that the price might not reflect the cost.
I remember seeing an article about a house for sale in Detroit for $1.... but then you also had a water bill, unpaid taxes, and like $20,000 - $30,000 of repair work before you could even call it a house.
0-3 to 4-3. Worst choke in the history of baseball. Enough said.
Yeah, there are a lot of house in Mpls around 40-50K maybe even less but there is a ton of work to do before you can live in them. But, from what I've heard for 20-30K more you can something in a semi-decent area that's pretty good right out of the gate.
Matthias wrote:One thing to bear in mind is that the price might not reflect the cost.
I remember seeing an article about a house for sale in Detroit for $1.... but then you also had a water bill, unpaid taxes, and like $20,000 - $30,000 of repair work before you could even call it a house.
I am sure they are selling for those prices inorder to avoid the property taxes. The assessed value must be many times the actual value.
"I do not think baseball of today is any better than it was 30 years ago... I still think Radbourne is the greatest of the pitchers." John Sullivan 1914-Old athletes never change.
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