Posted on 04/27/2007 11:46:15 PM PDT by B-Chan
The mortgage crisis in America has deepened so much that family homes can now be bought for less than £15,200 - the price of a new car.
A four-bedroom home near the original Motown recording studio in Detroit recently sold for £3,700 ($7,000), less than most used cars. A boarded-up bungalow fetched £685, and a three-bedroom house listed for £276,000 attracted just £69,000.
Detroit, which made its fortune on the back of the car industry, now holds a more dubious distinction: the capital of home repossessions.
The decline of its main industry has seen Detroit suffer more than other areas from a crisis that is sweeping the United States and has sent a big chill through the whole economy and global stock markets.
Up to 1.5 million Americans could lose their homes in the next two years, while repossessions rose by 42 per cent in 2006. The vast majority of those at risk are borrowers hit by the sharply rising costs of "sub-prime" mortgages offered to low income buyers, often with bad credit ratings.
(Excerpt) Read more at telegraph.co.uk ...
Butt ugly but, still, I’d seriously consider getting one IF/ when Toyota stretches it out a bit into a station wagon format.
Races in Detroit:
Population figures for Detroit
Black (81.6%)
White Non-Hispanic (10.5%)
Hispanic (5.0%)
Other race (2.5%)
Two or more races (2.3%)
American Indian (0.9%)
Crime rate 300% above national average.
How much did you say they were offering for someone to take one of those houses???
Heck, makes me think about retiring in one of these places, one day long from now.
Very Christ-like attitude. I applaud.
But Governor Granholm is SO pretty. She's just got to be good for the state. She really cares about us. She's going to raise taxes on the rich and the evil businesses to pay for job training programs so that we'll have jobs again.
/economically illiterate union rant
***Detroit should be turned back into a natural forest so we can harvest something of value in that area of the country.***
SEE! I always knew Pontiac should have won the siege in 1763!
It might still be forest!
Another area waiting for a near miss hurricane and billions of federal aid.
Oh wait state and federal $$ have already been tried for decades.
Falling home prices that had been refinanced to the maximum during the uptick, some to keep pace with 3-casino gambling expenses, is going to spell trouble for many households and individuals.
No, Belle Isle didn't have a riot, the only riot was in the city in '67.
Theres a lot of "re-hab" going on on Detroit's east side around the Conner/Warren ave area. The original housing project which over time deteriorated to the point that not even rats could survive there is being torn down (..well, at least the parts that didn't already fall down) and a new one is being built.
Thus the cycle which started in the late 40's early 50's has begun again.......
I was unable to find any info on today's stats.........
Re post 1: you’ve been to Detroit, I see.
Actually, I haven’t. The closest I’ve been is Grand Rapids. I simply assume Detroit to be similar to other, similarly abandoned cities I’ve visited.
your money would be better invested in the bank - even at a 2% return
I love reading about how crappy America is in foreign newspapers. I’m sure there are no projects, poor people, or run down houses in the UK.
it also says alot about liberalism and the dominant culture
Why doesn’t the story simply call a spade a spade?
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