Posted on 03/20/2007 12:34:45 PM PDT by pleikumud
DETROIT — With bidding stalled on some of the least desirable residences in Detroit's collapsing housing market, even the fast-talking auctioneer was feeling the stress.
"Folks, the ground underneath the house goes with it. You do know that, right?" he offered.
After selling house after house in the Motor City for less than the $29,000 it costs to buy the average new car, the auctioneer tried a new line: "The lumber in the house is worth more than that!"
Click here to visit FOXBusiness.com's Real Estate Center.
As Detroit reels from job losses in the U.S. auto industry, the depressed city has emerged as a boomtown in one area: foreclosed property.
(Excerpt) Read more at foxnews.com ...
Auto industry job losses are the result of unions killing productivity, innovation, and profitabiity, as well as poor management.
Imagine that - no one wants to live in the most liberal city in America - funny...
Gee Whiz! The auto industry wouldn't be suffering so badly if they'd just give more money to the unions!! ~sarc
If someone on a fixed income wants to own a house, I'm sure they can get a good deal.
Great time to move in and gentrify!
Not with my money! :)-
I love the cheese weasel passive voice language of the dolt reporter. For example, "..The city, which has lost more than half its population in the past 30 years ..." Lost? Lost? Like the people were there a minute ago, and are now gone? Like half the population is on a missing persons report? How about using the action verbs of 'fled, escaped, ran away, walked away, crawled away, drove flew or swam away'. But no, the people are just.....missing. No reason, no judgement, no history, no cause and effect. Just some passive event.
how long until the moslems start buying these places up and relocating?
For sale: lovely 2 bedroom condo in Palm Harbor, FL with free golf in 55+ active community. $148,900 Seriously. Anyone? Anyone? Bueller?
Good luck, let me know how it goes. I wouldn't take 29,000.00 plus the house if it were located in Detroit.
"Folks, the ground underneath the house goes with it. You do know that, right?"
The trouble is that Detroit goes with the house! What a rat hole of a place.
You could bulldoze many of those homes, and make more money from the spent lead you'll find in the walls....
A hit piece, with no explanation of WHY the crap home that has been sitting empty for a DECADE (and was bought/sold 10 times in a minority mortgage scam) went for that price...
On the bright side, a disabled, fixed income friend bought a like home in Indy for $10,000, spent $5,000 to repair it, and now has a home she can AFFORD....
Yeah, if they got terminal cancer, a boat load of guns and want to go out like Custer.
Now if I could buy a house and have it shipped to my land here in Idaho cheaper then just buying a house here then I'll get on the phone to the real estate guys in Detroit.
"Once we've seen the last person leave Michigan, then I think we'll be able to say we've seen the bottom," he said.
All thanks to a Governor who is an air-head, Barbie doll ice queen, that actually thinks socialism works. She is Canadian born, dontcha know. Thank God she can't be president.
"Relocate???" Muslims all ready make a sizeable minority in and around Detroit. If you were there now you could probably hear any number of local Muslim clerics talking to Saudi bankers telling them how easy it would be for Saudi Arabia to "buy Detroit".
Supply and demand. Buying a house in Detroit means that you will live in a city that is a failure thanks to an ultra liberal government. No one wants to buy a house in Detroit. Buying a car means that you can get out of Detroit. Everyone wants to buy a car in Detroit.
Get rid of the liberal administration, expel the proponents of the ideology of death and destruction, and Detroit would be a decent place again.
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