Detroit's outlook falls along with home prices (Median Price $7,500 really!)

The Trib ^ | 3/2/09 | Mikey_1962

[Mikey_1962]

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.

Among the many dispiriting numbers that bleakly depict the decrepitude of this onetime industrial behemoth, the steep slide of housing values helps define the daunting challenge to anyone who wants to lead this shrinking, poverty-pocked city of about 800,000 people.

[pieceofthepuzzle]

I wonder what property taxes are on a $7500 home?

[cripplecreek]

You can blame unions all you want but the fact is that the vast majority of jobs that have left the state were non union jobs. I’ve worked in some 15 different shops that have closed and only one of those jobs was union. (that one went to Canada and is now CAW)

The big Unions have their problems to be sure but they’re hardly the only problem. The big drain started with Carter’s redistribution. Add outsourcing, taxation, and environmentalism and you have a big drain.

Michigan is long known for being an early warning signal for the rest of the nation. The republicans can choose to ignore it or make up reasons at the peril of the nation.

[Neidermeyer]

$0 , don’t pay it and just live there until it is seized in 5-7 years ,, or make a token payment after 4 or 5 years and stay longer.

[LifeComesFirst]

In Detroit, maybe, but Michigan as a whole?

[LifeComesFirst]

Well of course the vast majority of jobs to leave the state were non-union, those jobs are the easiest jobs to move! Unions fight tooth and nail against factory closings.

[popdonnelly]

Which political party runs Detroit, people? Looks like the handwriting is on the wall.

[popdonnelly]

The problem isn’t that the people are black. The problem is that they are electing stupid politicians who sell them out to socialism.

[Jimmy Valentine]

Jaw dropping!

My response to this would be "as ye sow, so shall ye reap".

Let Detroit go to the hell of its own making.

[Rebelbase]

A few offerings:

$5,900; 1 ba 1,422 sqft Single-Family Home

$10,000; 3 br 2 ba 1,131 sqft Single-Family Home

$10,000; 3 br 1.5 ba Single-Family Home

[shove_it]

My parents paid about $5,000 for a house like the first one you pictured - that was in 1945.

[Rebelbase]

About $5,000 year.

[Rebelbase]

oops, I was off by a factor of 10, should be $500.

[From The Deer Stand]

Detroit’s been run by the Democrats for how many years?

Look what the Dems have done for the Blacks they care so much about. 50 years of welfare, rat-infested tennements, no hope, no skills, no self-worth. What a great and caring party they are.

[2nd Bn, 11th Mar]

Your comment: “Michigan is long known for being an early warning signal for the rest of the nation” intrigues me - it’s one I had not heard before. About California, many times, but not Michigan. Can you cite some examples? Thanks.

[Mister Muggles]

I guess what was once a joke is now sadly truth:

Why do cars cost more than houses in Detroit?
Because with a car...you can actually get out of Detroit.

[proud_yank]

Do the DUmmies ever comment on stuff like this? Part of me is kind of curious what their emotions and feelings are on the matter, and how they wrap blame for this on Republicans and executives.

[cripplecreek]

No examples just common knowledge. I’m not sure where you would find something like that aside from old writings of economists.

[chadwimc]

“Perhaps we should sell it to Windsor, since they nuevo-socialism of soicalized health care and gun control is more intune with Detroits desires anyway....”

I’d be happy to be rid of it, but I doubt the Canadians would jump to absorb a city like Detroit.

Why don’t we invade Canada? We could sue for peace. As part of their reparations, we could force them to take Detroit.

[reagan_fanatic]

Do the DUmmies ever comment on stuff like this? Part of me is kind of curious what their emotions and feelings are on the matter, and how they wrap blame for this on Republicans and executives.

Easy. You see, it's the Republican's fault because BUSH was President. That's all you need to know about it.

Oh, and don't ask them to provide any evidence on how it was Bush's Fault, because all that will do is induce a screaming fit in where the liberal will resort to a bunch of 2nd grade name calling and frothing at the mouth. Facts and proof will not be welcomed.