This is the reason why Detroit has become the Pit of Hell that it is today. And 30 years of that joker lead to Michigan's downfall.
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 ...
Indeed.
* Vetoed by Gov. Jennifer Granholm on March 31, 2006.(this position supported by her gubernatorial opponent "Rep." Dick Devos)
The only thing Mich has going for it, it's abundant fresh water supply thanks to the Great Lakes. I believe the movie "Total Recall" portrays a tyrant who SELLS oxygen for the population at whatever price they wish to benefit themselves and feed their morally bankrupt and corrupt institutions(Detroit, democrap politicians in this case).
Water rates are a crime in this state. And the state repub's(just like nationally)don't have the "testicular fortitude" to do anything about it.
Oh my God I could write a book about that...... I still have family there and they don’t blame the dems.... As always, it’s the republican’s fault. It’s so unreal.
Actually, there are some great conservatives in Michigan but the Dems control most of the state. Detroit is cancer that sucks all the living out of everything.
That new Prius looks pretty good - a decided improvement in styling over the current model.
He’s too old. But there needs to be a Snake Plissken prequel or something.
Bump for later.
This is the reason why Detroit has become the Pit of Hell that it is today. And 30 years of that joker lead to Michigan's downfall.
Not hardly. A major national bank is currently offering savings account holders a whopping 0.2% on tradional savings accounts. At that rate, a deposit of $7,000 would earn you 7,000 x .2= $14.00 in capital gains annually. Unfortunately, over the course of that year the real value of your account would decrease due to inflation; at the 2006 rate (3.39%) the value of your $7000.00 would have decreased to $6762.70 by year's end. Add in the $14.00 you made in interest over the same period and that brings the net value of your $7000.00 deposit to $6776.70. That's right — with a savings account, you pay the bank to hold your money!
And other forms of bank investments aren't much better. Take certificates of deposit for example; the best rate of return I could find for a 1-year CD was 5.27% annually. If you dumped $7000.00 into that CD, it would earn you $369.00 by year's end. Less inflation, your total account value of the certificate at surrender would be $7,131.70, for a net gain of $131.70. Pathetic.
From what little I've seen of the house in question on the internet, it's not worth $7,000. I figure it would take between $25,000 and $50,000 to gut it, renovate it, bring it up to current code, and install the necessary security to protect it from local feral humans. However, it would only cost a few thousand bucks to bulldoze it flat and fence it, and the taxes on an empty lot can't be more than a thousand or so a year. Therefore, the property would be a good investment provided that all you wanted to do is squat the land. Detroit is in an excellent location; sooner or later, some government or another (and not necessarily the ones we have now) is going to come, drive the vermin out (or kill them off), and rebuild the city. At the point — provided that records still exist and deeds are still honored by the new government — the property will once again become valuable ("location, location, location") and can be sold at a handsome profit.
I have been considering that, but I am hesitant due to liability concerns.
If you are certain The LORD is calling you to be a missionary in the Motor City then you should go for it. You should first pray long and hard and make sure the calling is from God and not from your own ideas and desires.
God Bless,
GB
I’m sure there are lots of 3rd-world countries where you could get such a deal.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
kWow, that is an impressive site.
you couldn’t pay me to live in that sh#t hole.
Yes, liability is the problem, isn’t it? Even if you fence and post the property NO TRESPASSING, eventually someone is going to get in, putting you at risk if they “hurt themselves” while trespassing. Other than posting a 24-hour armed guard, i don’t see a solution. You might be able to find an underwriter who would write you a liability insurance policy, but you’d probably pay a pretty penny.
That would be one way. Another would be to just turn it over to the Air Force. Level the place in a day, then send in construction crews.
Obama Condemns Big and Fast Gas Guzzlers, But Drives Hemi V8 Sedan
NewsBusters.org | Lynn Davidson
Posted on 05/12/2007 7:28:55 PM EDT by SandRat
http://www.freerepublic.com/focus/f-news/1832638/posts
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