Average Home Price in Detroit Falls to $11,596 Monthly House Payment Would Be $51.23

Carpe Diem ^ | 19 Aug 2009 | Mark J. Perry

[BGHater]

According to the Michigan Association of Realtors and Detroit Board of Realtors (data here), the average sales price of a Detroit home fell to $11,596 in July (Year-to-Date), a -40% decline from the $19,596 average home price during the same period last year (see chart above). 2009 year-to-date unit sales increased by 17% to 7,373 homes, compared to 6,315 Detroit homes sold last year over the same period. From the $97,850 peak Detroit home price in 2003, prices have fallen by an amazing 88%. With a 20% down payment on a $11,596 average priced home in Detroit, the monthly payments on a 30-year fixed-rate mortgage at 5.25% would be only $51.23.

For the entire state of Michigan, the average YTD home sales price has fallen by -23.65% to $93,648 through July 2009, compared to last year's average price of $122,660 for the same period. The number of homes sold in the state through July (63,176) of this year increased by 9.16% compared to last year (57,877).

[2banana]

Detroit - THE most liberal and democrat city in the USA. How did it work out? Well, I guess there is plenty of affordable housing now...!

[AngelesCrestHighway]

[dalebert]

democrats have sure helped detroit

[raptor29]

Coming to a city near you..........sometime soon.

[GOPJ]

Blacks wanted Clinton to move out of Harlem because he was moving the property values UP - and they didn’t want to pay more taxes.

[FourPeas]

Even at that price, it’s far, far too much to spend on a house in Detroit. Democrat controlled, chickens home to roost.

[the_devils_advocate_666]

$50 a month mortgage payment, but how much in taxes?

[blam]

Mogadishu west.

[AngelesCrestHighway]

$50 a month mortgage payment, but how much in taxes?

There’s the rub....

[dangus]

Can you imagine what that does to the tax base? *snicker*

[Ann Archy]

Not worth it.

[Right Cal Gal]

Holy cow. That’s $1,000 more than my parents paid for a house in a small town in California in 1951.

[raybbr]

ping

[GonzoGOP]

I say we declare war on Canada and force them to take Detroit.

[silverleaf]

and just imagine how many have HUD/FHA financing

I’d say the federal taxpayers own Detroit and should bulldoze it

[thepatriot1]

I just paid twice that amount for a car.

[Boiling Pots]

Well, Detroit would have been better off if the Republicans would have allowed the Democrats to “fully fund” their social programs.

[Voter62vb]

I think Windsor enjoys the Detroit traffic heading south to Canada to walk along the river, eat french fries with vinegar, enjoy some excellent local ballet performances and spend money. They like that big ole walleye infested river as a border.

[Titus Quinctius Cincinnatus]

Initially, I was like, man what a great opportunity to invest in property! Then I noticed the story was about Detroit.