Property values in Detroit
 

From the Associated Press:

"In Detroit, the median sales price for a home is now a pathetic $5,800, down more than $66,000 from seven years ago. An estimated 16,000 foreclosed homes are on the market in the city of about 920,000. Detroit also has one of the highest unemployment rates in the nation, at about 20 percent."

I never thought it could get worse than Danville IL.

$5800 is a tad on the high side.

Thats why I split in November

we need to talk, i'd like a summer home in the motor city.

I thought that was a typo. Or a reprint of an article from about 100 years ago. Next time I'm feeling poorly about my own investments, I'll try to remember how bad it really could be.

Its really sad to hear that. I sincerly hope the Detriot can rebound back.

I doubt Detroit will rebound in this century.

Who wants to pitch in on a city block?

I'm holding out for the average to reach $2000 per parcel...then perhaps, I'll buy up a few.

Youtube Detroit City Council and decide for yourself why Detroit is the way it is.

Suicide is not the way out honey.;)

They should have a reality show where they set 10 people loose in Detroit for 3 months June-August and have a prize for the survivors if there are any.

I am familiar with some from a landlord forum I visit. Perfectly habitable 3 bedroom single family homes are going for those prices.

are the neighborhoods "iffy?"

"Buy low; sell high"
It is easy to say, but it takes real guts to actually do it. That's why most of us are not rich.
Same with investing in the stock market. Are you continuing your 401K investing with each paycheck, or are you sitting on the sidelines, waiting for " the bottom"? By the time you ( and everyone else) sees that the recovery has begun, you will have missed a good portion of it.
"Stocks on sale--bargain prices"