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cashinmattress

Median House Price In Detroit City Falls To $6000

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Home sales rise as prices keep falling

Metro Detroit home sales rose by 12.6% in May as compared with last year, yet home prices continued their fall -- an indication that the market hasn't hit bottom yet.

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Overall, 5,955 homes were sold in May, compared with 5,288 sold in May 2008, according to Realcomp, a Farmington Hills-based multiple listing service.

The median sales price for homes sold in May was $50,000, a 44.3% drop from $89,700 in May 2008.

Foreclosures continue to drag down prices. In May, foreclosure sales accounted for 60% of all homes sold. And the median price of foreclosed sales in the metro area was $26,400 compared with a median sales price of $110,000 on non-foreclosed homes.

In the city of Detroit, the median sales price in May was $6,000, down 29.4% from May 2008.

Realcomp, which compiles data from closed sales reported by its Realtor members, said the inventory of homes offered for sale fell 24.9% in May to 50,181 compared with 66,811 a year ago.

I have been to Detroit on several occasions, but I would never have thought it would get that bad. Just unreal.

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Home sales rise as prices keep falling

I have been to Detroit on several occasions, but I would never have thought it would get that bad. Just unreal.

That 6k does not fit in with the other numbers in the article ?

$26,400 Foreclosed

$110,000 non-foreclosed homes.

How do they get 6k from those two.. :blink:

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That 6k does not fit in with the other numbers in the article ?

$26,400 Foreclosed

$110,000 non-foreclosed homes.

How do they get 6k from those two.. :blink:

I know it seems bonkers, but there are numerous articles on this subject.

Google pulled up this one from a few months back: Detroit’s outlook falls along with home prices

It may be tough to get financing for a new car these days, but in Detroit you can buy a house with a credit card.

The median price of a home sold in Detroit in December was $7,500, according to Realcomp, a listing service.

Not $75,000. Remove a zero—it’s seven thousand five hundred dollars, substantially less than the lowest-price car on the new-car market.

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That 6k does not fit in with the other numbers in the article ?

$26,400 Foreclosed

$110,000 non-foreclosed homes.

How do they get 6k from those two.. :blink:

6k in the city the other prices are for the suburbs.

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It's way overpriced. I won't be buying there until it's 0.0000000035 times average earnings.

Lol.

How thin can you slice your bread for the sarny?

Edited by cashinmattress

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Why the shock? It's a city with b'all well paid employment these days so homes are cheap.

Homes should reflect real world earnings not hyperinflation caused by debt-fuelled ponzi mayhem.

Yep, that's why prices are going to keep on falling here, can't have rising unemployment and rising house prices at the same time.

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Detroit? Didn't that used to be where they made all the cars?

Anyway, might use that figure in my letter to the paper this next week...

And use Gordon's fav phrase of "it started in America"

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Yep, that's why prices are going to keep on falling here, can't have rising unemployment and rising house prices at the same time.

Good point.

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