Dying Detroit — an update

Just a quick follow up to an earlier post on the slow abandonment and (potential) death of Detroit. This graph from Carpe Diem makes for interesting reading:

detroit

Just under $12K for a house compares to the Michigan statewide average of $94K. A thirty year mortgage on that amount works out at about $13 per week — for the price of a couple of six packs you can own your own home.

These plummeting numbers are far beyond what might be ascribed to the current recession. If prices have fallen that fast since 2003 and reached that low, it can only mean one thing: people are out of there.

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7 Responses

  1. And that’s the average?!?
    I wonder what the cheap end of the market is going for?

    • A few months ago I read that that the banks were selling foreclosed properties for around $3K just to get them off their books and to not have to pay upkeep on the property.

  2. All those destitute Americans who’ve handed their homes back to the bank should surely be moving to Detroit in droves!

    • Apparently real estate agents have been fielding calls from as far away as India from people wanting to buy a cheap piece of Detroit. I’m sure there’s some sort of irony in that but I can’t quite put my finger on it.

  3. […] I thought we would revisit Detroit (which we’ve looked at before a couple of times, here and here), the modern day equivalent of a disappearing […]

  4. […] by DrThrottling Duffster’s posts on depression ravaged Detroit (which you can read here, here and here) and the pictures of abandoned houses got me scouring the web for […]

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