RE: For a couple of years the Chinese-language press in the U.S. has had stories about how it’s easy to find houses in Detroit going for less than $1000, and how Chinese at that price simply can’t justify not buying.
OK, they buy the property for $1000, then what?
They spend another $50,000 fixing it up only to have their properties broken into every week. Is it worth the price and aggravation?
Maybe not. But it is striking that some Chinese are at least willing to try. Maybe they're dumber than Americans are, but then again maybe they have the willingness to take risks that we used to. If they're wrong the cost falls on them alone, if they're right the benefits are shared by Detroit's now and future population.
Much of NYC and Pittsburgh was pretty bad in the late 1970s too. (Not as bad as Detroit today, I grant.)