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A house costs less than a car in Detroit
www.telegraph.co.uk ^ | 2007.04.06 | Alex Spillius

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 ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; US: Michigan
KEYWORDS: blight; corruption; crime; detroit; economy; failure; hightaxes; taxes
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To: LFOD777

Butt ugly but, still, I’d seriously consider getting one IF/ when Toyota stretches it out a bit into a station wagon format.


41 posted on 04/28/2007 5:29:20 AM PDT by elli1
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To: B-Chan

Races in Detroit:
Population figures for Detroit

Black (81.6%)
White Non-Hispanic (10.5%)
Hispanic (5.0%)
Other race (2.5%)
Two or more races (2.3%)
American Indian (0.9%)

Crime rate 300% above national average.

How much did you say they were offering for someone to take one of those houses???


42 posted on 04/28/2007 5:46:16 AM PDT by dirtstiff
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To: Silly
Don’t know how familiar you are with the Gospel, but one wonderful and practical way for Christians to spread it is to move into these neighborhoods, in droves, and start pouring value into the community. Not spending for themselves, but giving and volunteering and meeting the community’s needs.

Heck, makes me think about retiring in one of these places, one day long from now.

Very Christ-like attitude. I applaud.

43 posted on 04/28/2007 5:48:01 AM PDT by Swordfished
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To: SideoutFred
Why do these citizens keep voting those turds back in office.

But Governor Granholm is SO pretty. She's just got to be good for the state. She really cares about us. She's going to raise taxes on the rich and the evil businesses to pay for job training programs so that we'll have jobs again.

/economically illiterate union rant

44 posted on 04/28/2007 5:55:30 AM PDT by Hardastarboard (DemocraticUnderground.com is an internet hate site.)
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To: B-Chan
Here's a fixer-upper that I picked up for $47.


45 posted on 04/28/2007 5:59:39 AM PDT by Dumpster Baby ("Hope somebody finds me before the rats do .....")
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To: Porterville

***Detroit should be turned back into a natural forest so we can harvest something of value in that area of the country.***

SEE! I always knew Pontiac should have won the siege in 1763!
It might still be forest!


46 posted on 04/28/2007 6:12:39 AM PDT by Ruy Dias de Bivar (Today we make America safe by taking guns out of the hands of criminals...LB Johnson 1968)
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To: Vigilanteman
...”There’s nothing wrong with Detroit that pumping a lot of federal money in to it wouldn’t cure.”

Another area waiting for a near miss hurricane and billions of federal aid.
Oh wait state and federal $$ have already been tried for decades.

47 posted on 04/28/2007 6:13:01 AM PDT by mcshot ("If it ain't broke it doesn't have enough features." paraphrased anon.)
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To: B-Chan

Falling home prices that had been refinanced to the maximum during the uptick, some to keep pace with 3-casino gambling expenses, is going to spell trouble for many households and individuals.


48 posted on 04/28/2007 6:15:29 AM PDT by PGalt
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To: Ruy Dias de Bivar
The Fabulous Ruins of Detroit
49 posted on 04/28/2007 6:19:41 AM PDT by Tribune7 (A bleeding heart does nothing but ruin the carpet)
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To: stumpy
The riots on Belle Isle were in 66.

No, Belle Isle didn't have a riot, the only riot was in the city in '67.

50 posted on 04/28/2007 6:44:40 AM PDT by Hot Tabasco (How do I remove carbon footprints from my carpeting?)
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To: Hardastarboard

51 posted on 04/28/2007 6:49:57 AM PDT by Ghengis (Of course freedom is free. If it wasn't, it would be called expensivedom. ~Cindy Sheehan 11/11/06)
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To: Mark was here
For what it is worth, one part of Detroit is being rehabbed

Theres a lot of "re-hab" going on on Detroit's east side around the Conner/Warren ave area. The original housing project which over time deteriorated to the point that not even rats could survive there is being torn down (..well, at least the parts that didn't already fall down) and a new one is being built.

Thus the cycle which started in the late 40's early 50's has begun again.......

52 posted on 04/28/2007 6:53:41 AM PDT by Hot Tabasco (How do I remove carbon footprints from my carpeting?)
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To: Mark was here
...and an additional point, Habitat for Humanity, while a noble effort, built a lot of houses in Detroit. A report I just read from 1999 indicated that out of 70 homes that went to low income families, 14 went into foreclosure........

I was unable to find any info on today's stats.........

53 posted on 04/28/2007 7:09:55 AM PDT by Hot Tabasco (How do I remove carbon footprints from my carpeting?)
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To: B-Chan

Re post 1: you’ve been to Detroit, I see.


54 posted on 04/28/2007 7:11:24 AM PDT by Former Proud Canadian (How do I change my screen name after Harper's election?)
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To: Former Proud Canadian

Actually, I haven’t. The closest I’ve been is Grand Rapids. I simply assume Detroit to be similar to other, similarly abandoned cities I’ve visited.


55 posted on 04/28/2007 7:22:03 AM PDT by B-Chan (Catholic. Monarchist. Texan. Any questions?)
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To: B-Chan

your money would be better invested in the bank - even at a 2% return


56 posted on 04/28/2007 7:26:15 AM PDT by zwerni (it's the end of the world as we know it...)
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To: B-Chan

I love reading about how crappy America is in foreign newspapers. I’m sure there are no projects, poor people, or run down houses in the UK.


57 posted on 04/28/2007 7:26:51 AM PDT by corlorde (New Hampshire)
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To: AZLiberty

it also says alot about liberalism and the dominant culture


58 posted on 04/28/2007 7:28:19 AM PDT by zwerni (it's the end of the world as we know it...)
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To: B-Chan

Why doesn’t the story simply call a spade a spade?


59 posted on 04/28/2007 7:28:39 AM PDT by toddlintown (Six bullets and Lennon goes down. Yet not one hit Yoko. Discuss.)
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To: toddlintown
The writer is being a bit niggardly with his praise of Detroit.
60 posted on 04/28/2007 7:35:03 AM PDT by B-Chan (Catholic. Monarchist. Texan. Any questions?)
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