Houses Cheaper than Cars in Detroit

March 20th, 2007

Detroit collapsed. Then what? Gardens. Lots of gardens. And livestock.

Via: Yahoo / Reuters:

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!”

Posted in Collapse, Resistance | Top Of Page

2 Responses to “Houses Cheaper than Cars in Detroit”

  1. Turbulent Issues » Blog Archive » Houses Cheaper than Cars in Detroit says:
    March 20, 2007 at 3:57 pm

    […] to Cryptogon With bidding stalled on some of the least desirable residences in Detroit’s collapsing […]

  2. Andy Shaw says:
    March 20, 2007 at 11:49 pm

    I recently attended an auction in Walled Lake, Michigan, a suburb of Detroit, where a foreclosed condo in a good location and average area sold for HALF what the other 100 condo’s in the project had recently been purchased (2004 to 2006). I left the auction wondering what would happen if the entire market reset to half of the previous value.

    Goodbye economy, Hello Collapse.

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