Posted on 04/27/2007 11:46:15 PM PDT by B-Chan
The mortgage crisis in America has deepened so much that family homes can now be bought for less than £15,200 - the price of a new car.
A four-bedroom home near the original Motown recording studio in Detroit recently sold for £3,700 ($7,000), less than most used cars. A boarded-up bungalow fetched £685, and a three-bedroom house listed for £276,000 attracted just £69,000.
Detroit, which made its fortune on the back of the car industry, now holds a more dubious distinction: the capital of home repossessions.
The decline of its main industry has seen Detroit suffer more than other areas from a crisis that is sweeping the United States and has sent a big chill through the whole economy and global stock markets.
Up to 1.5 million Americans could lose their homes in the next two years, while repossessions rose by 42 per cent in 2006. The vast majority of those at risk are borrowers hit by the sharply rising costs of "sub-prime" mortgages offered to low income buyers, often with bad credit ratings.
(Excerpt) Read more at telegraph.co.uk ...
But what about basketball? Hasn’t that been promoted as the “road out of poverty”?
Yes, but depending on the months I was either on Okinawa, Honshu, or Viet Nam. I was on Okinawa from Sept. 66, to July 67, and in Japan proper July 67 through Aug. 67. In the Nam from Sept 67 to near the end of Feb 68 (for the TET “celebrations”). Semper Fi.
Gee, but other than that it's a swell bargin. You know, "affordable housing"?
Aren’t there plenty of Muslims in Dearborn who could see this as a great opportunity? As training grounds for bombers if nothing else?
“Ahmed, we bought this house for you. Now, strap this on and pretend it’s a market...”
Probably depends on whether you can hear the mezzuin’s call to prayers or not.
http://www.jihadwatch.org/dhimmiwatch/archives/001560.php
Supply and demand. Few people want to buy a house in a high tax, high crime, dirty, filthy, noisy place dominated by racist gangs and druglords with a far-left liberal city administration.
The car lets you get out of Detroit.
Very good point
“crisis that is sweeping the United States and has sent a big chill through the whole economy and global stock markets. “
Alex is a drama queen it seems.
There's nothing wrong with Detroit that pumping a lot of federal money in to it wouldn't cure.
“Then populate the whole place with young conservatives.”
Too deadly. It would be like dropping kindergartners in at Little Bighorn.
Rather than young conservatives re-populating Detroit, I’d suggest two or three divisions of Marines, Airborne and Special Forces veterans.
Michigan also passed the Castle Doctrine last year, meaning that you can exercise deadly force to defend yourself, your family and others without some liberal prosecutor getting in your face after you whack a thug.
Now that might work better than asking peacable conservatives to immigrate to the 2nd most crime-ridden city in the nation. Conservatives and their families can move in after the area is secure.
“7K for a 4 BR??”
Jeez. These prices are falling enough that a few really big Co.’s could concievably get together and buy enough property convert whole neighborhoods or counties!
The story of Detroit’s decay is captured in brilliant photo-essays on detroityes.org — one of my favorite websites.
Republicans, not conservatives, hold the senate.
Michigan also is distinguished by owning the strongest supporters of individual rights and private property rights in the nation in its state supreme court.
Other than that, the state government is infested with filty Marxists, headed by our communist governor, who was voted back into the governor’s chair with 57% of the vote after blessing the state with the highest unemployment in the nation. Her latest campaign calls for taxing haircuts, bottled office water and fish caught in our lakes.
Everyone I talk to can’t stand this Berkeley communist, but no one will admit voting for her. Go figure.
“Detroit, which made its fortune on the back of the car industry....”
Rewrite; Detroit achieved its prosperity from the success of the U.S. auto industry. Under the current local government the city has decline much faster than have the embattled U.S. auto manufactures.
If you have the choice of buying a house in Detroit or putting your money on a single roll of the dice, head to the craps table where the odds of financial gain from your money are greatest. Ed.
sounds like iraq!
“All it took was for Mexicans to move in.”
In the inevitable fight for gang territory in the Motor City, my bet is on the Mexican gangs. They stick together. Example: Los Angeles
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