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."

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

I never thought it could get worse than Danville IL.

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You don't need a weatherman to know which way the wind blows - Robert A. Zimmerman

$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.

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"It's normal for these things to empty your wallet and break your heart in the process."
2012 SLK 350
1987 420 SEL

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.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

Who wants to pitch in on a city block?

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On some nights I still believe that a car with the fuel gauge on empty can run about fifty more miles if you have the right music very loud on the radio. - HST

1983 300SD - 305000
1984 Toyota Landcruiser - 190000
1994 GMC Jimmy - 203000

https://media.giphy.com/media/X3nnss8PAj5aU/giphy.gif

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

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1987 560SL
85,000 miles

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.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

are the neighborhoods "iffy?"

__________________
"It's normal for these things to empty your wallet and break your heart in the process."
2012 SLK 350
1987 420 SEL

"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"

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1982 300SD " Wotan" ..On the road as of Jan 8, 2007 with Historic Tags