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Guest_chris c-t_*

Median Home Price $6,000 In Detroit

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With it's industry shot to pieces it is a sad sight to behold, but is this the forerunner of many US and UK cities?

http://www.freep.com/article/20090612/BUSI...es+keep+falling

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

You can see it is in fact possible to buy houses for hundreds, not thousands of dollars:

http://www.realtor.com/realestateandhomes-...8224_1109928270

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OK so Detroit is a crime ridden sh1thole. What about a place a sane, educated would want to live? Using the site you link I've just take an area at random, Portland. Why, it's not a known economic hotspot and it has Oregon has lots of trees (I like trees). To get a half way decent looking family house you're looking at about half a million dollars. The USA is not a third world shanty town from side to side. Nor is the the UK. Stop deluding yourself. Houses are expensive to build and the established housing has the best sites. In response, the market has dictated that well designed and maintained established homes in civilised areas command the higher prices. You do actually have to pay for a home. Like most I think houses are too expensive but to post such obvious self delusion is simply stupid. Wake up and get real. The stall in the market is over, no crash, just a stall. Sub-prime prices has fallen, prime prices are more or less where they were in 2007. Property is selling. Sad but true. I sold in early 2007 and have banked on a price crash. Mistake, I called it wrong and have just wasted £20k on rental. The spouse as right, should have ignored the hysteria and bought a house.

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when the jobs go (east) and the credit dries, this is what awaits.

If i'm not very much mistaken, the jobs have already gone east, and the credit has dried up.

If anything, i'm expecting those things to reverse over the next 10 years

The fact is, Detroit is not representative of the USA at large, less still the rest of the western world. It's perhaps most comparable to places in the UK some decades ago when the pits/shipyards etc closed. A city overdependent on one industry that has collapsed.

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If i'm not very much mistaken, the jobs have already gone east, and the credit has dried up.

:lol:

Motor manfacturing is just the start and there are STILL a lot of car-makers to move east - GM and F...

Fact is, a country with ~70% of GDP arising from private consumption is doomed. Financial services, motor manufacture, knowledge economy.. all headed east.

We'll see. It could all end up in trade wars over import tariffs to protect doomed jobs.

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:lol:

Motor manfacturing is just the start and there are STILL a lot of car-makers to move east - GM and F...

Fact is, a country with ~70% of GDP arising from private consumption is doomed. Financial services, motor manufacture, knowledge economy.. all headed east.

I wouldn't say doomed, just destined for a contraction and re-organisation.

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The fact is, Detroit is not representative of the USA at large, less still the rest of the western world.

Agreed. Detroit has long been the poor relation of many other major US cities.

In Kentucky Fried Movie (1977) Detroit is mercilessly slagged off:

Pennington: These are the Hartz Mountains of Asia. A terrain so rugged, so treacherous, no country will claim it.

Asquith: Worse then Detroit?

Pennington: I'm afraid so.

Dr. Klahn: The CIA thinks they can infiltrate the Mountain of Dr. Klahn!

CIA Agent: You can't scare me, you slant-eyed yellow *******.

Dr. Klahn: Take him to... Detroit!

CIA Agent: No! No, not Detroit! No! No, please! Anything but that! No! No!

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With it's industry shot to pieces it is a sad sight to behold, but is this the forerunner of many US and UK cities?

http://www.freep.com/article/20090612/BUSI...es+keep+falling

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

You can see it is in fact possible to buy houses for hundreds, not thousands of dollars:

http://www.realtor.com/realestateandhomes-...8224_1109928270

Yawn - another Detroit story. Why doesn't this happen to NY, LA, Chicago or any other big US towns? I'll tell you why. Because every car manufacturer thats started up shop in the US have opened a plant ANYWHERE but Detroit. Why?

Because UAW (union) think a guy installing seats into a car should get 90kUSD a year. It killed itself.

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Some parts of Detroit are very nice and livable.

And it is quite sensible to BEAT THE CRASH, by purchasing where the Crash has already happened.

On the URL on the first post, I put in Detroit and $1,000 and got 137 properties for under a grand.

However, I then Googled "Crime by city, USA"

Detroit is WAY up the chart for :- Murder, rape, violence, robbery

"Nice and livable" ... errr, I think not.

Also, the buyer is wholly responsible for all bills and payments made to the City...

including mould reparation, rot treatment, destruction of rotten wood, maintenance of services,

etc etc etc.

I think the banks which repo'd the houses are just getting buyers to pay all the liabilities for them.

Al in all... thanks, but no thanks.

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