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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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I'd consider buying one of those properties, but the cost of repair and bringing it up to code would cancel out the benefit of the low asking price. Plus you'd have to install prison-quality fencing, lights, and alarms, and hire a 24-hour security team.

And of course the city infrastructure is no good, so you'd have unreliable sewage, power, water, and street maintenance to deal with on top of everything else.

A once-great American city goes to seed...

1 posted on 04/27/2007 11:46:17 PM PDT by B-Chan
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To: B-Chan

That is because you can escape from Detroit in a car!


2 posted on 04/27/2007 11:47:47 PM PDT by Eternal_Bear
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To: B-Chan

Detroit committed suicide decades ago...the city corpse just hasn’t stopped shaking quite yet.

No reason to live there with so many better options most *everywhere* else.


3 posted on 04/27/2007 11:50:27 PM PDT by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: B-Chan
And houses will only get cheaper when Toyota rolls out its next gen 100MPG Prius


4 posted on 04/27/2007 11:53:20 PM PDT by LFOD777 (In 2006, Washington spent $2.7 Trillion and ran a $248 billion budget deficit.)
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To: B-Chan

Detroit has been on the decline since the ‘67 riots.


5 posted on 04/27/2007 11:55:22 PM PDT by Westlander (Unleash the Neutron Bomb)
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To: Westlander

The riots on Belle Isle were in 66. I was there just after, on leave prior to going overseas for my buddie’s sister’s wedding.


6 posted on 04/27/2007 11:57:40 PM PDT by stumpy
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To: B-Chan

How sad. Detroit once had two million people.


7 posted on 04/28/2007 12:00:22 AM PDT by MinorityRepublican (Everyone that doesn't like what America and President Bush has done for Iraq can all go to HELL)
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To: stumpy

Detroit had riots in 67 as well.


8 posted on 04/28/2007 12:06:12 AM PDT by Kozak (Anti Shahada: " There is no God named Allah, and Muhammed is his False Prophet")
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To: stumpy

http://www.67riots.rutgers.edu/d_index.htm


9 posted on 04/28/2007 12:06:17 AM PDT by Westlander (Unleash the Neutron Bomb)
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To: B-Chan

7K for a 4 BR??

Must be a nice neighborhood. That Invisible Hand of the Market, though, makes Motown a bit tempting.

Too bad the weather is terrible.

Nah, I’ll stick the cash in the bank.


10 posted on 04/28/2007 12:16:52 AM PDT by IslandJeff (We Like Mike! FR mail me to get on the Mike Gravel 2008 ping list - You Like Mike, you know.)
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To: B-Chan

First: That $30,000 car is many more rungs higher on the car ladder, than those houses are on the house ladder.

Second: Location, location, location! The car’s price is independent (mostly) of location; the house’s isn’t.

Third: The house is stuck in Detroit; the car, if properly defended, can get you out of town.


11 posted on 04/28/2007 12:18:55 AM PDT by ApplegateRanch (Islam: a Satanically Transmitted Disease, spread by unprotected intimate contact with the Koranus.)
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To: B-Chan

This says a lot more about Detroit than about the “mortgage crisis”. It also says a lot about the cost of a “bad culture”.


12 posted on 04/28/2007 12:24:22 AM PDT by AZLiberty (Ahmadinejad's new nickname: "Nuclear Cho".)
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To: B-Chan

Reminds me of “The House at Pooh Corner” from the original books. ( Try to wipe Disney from your mind. ) Pooh et al. decide to build Eeyore a house, and after finding a pile of sticks on one side of the forest, they take them and use them to build a house on the other side of the forest. Eeyore complains that someone moved his house from one side of the forest to the other for no apparent reason.

Not sure how that fits with the Detroit story, but it does remind me of it!


13 posted on 04/28/2007 12:52:49 AM PDT by dr_lew
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To: B-Chan

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


14 posted on 04/28/2007 12:54:14 AM PDT by Porterville (God is love and Dog is evol)
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To: B-Chan

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.


15 posted on 04/28/2007 12:59:21 AM PDT by Silly (http://www.sarcasmoff.com)
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To: B-Chan

1. There is no “mortgage crisis”.

2. Even if there was, Detroit’s decline has nothing to do with it.

3. Limeys suck.


16 posted on 04/28/2007 12:59:24 AM PDT by rogue yam
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To: Porterville
Detroit should be turned back into a natural FOREST ...

Is that weird, or what? Karl Jung, where are you?

17 posted on 04/28/2007 1:01:04 AM PDT by dr_lew
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To: IslandJeff

Maybe if we offer to buy the entire city, we’ll get a deep discount. Then populate the whole place with young conservatives. In 20 years, Michigan will be to the right of Utah.


18 posted on 04/28/2007 1:03:07 AM PDT by Bonaparte
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To: B-Chan

In a free-market economy, things sell for what they are worth. These properties are almost worthless, therefore the selling prices...


19 posted on 04/28/2007 1:03:45 AM PDT by lmr (The answers to life don't involve complex solutions.)
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To: lmr

Isn’t Michigan run by Democrats throughout the state? Aren’t they the only state in the union not to feel the benefits of the economy the last 5 years.

Why do these citizens keep voting those turds back in office.


20 posted on 04/28/2007 1:17:43 AM PDT by SideoutFred (Save us from the Looney Left)
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To: Porterville

But what about basketball? Hasn’t that been promoted as the “road out of poverty”?


21 posted on 04/28/2007 1:20:30 AM PDT by taxesareforever (Never forget Matt Maupin)
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To: Kozak

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.


22 posted on 04/28/2007 1:44:59 AM PDT by stumpy
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To: B-Chan
...Plus you'd have to install prison-quality fencing, lights, and alarms, and hire a 24-hour security team. And of course the city infrastructure is no good, so you'd have unreliable sewage, power, water, and street maintenance to deal with on top of everything else.

Gee, but other than that it's a swell bargin. You know, "affordable housing"?

23 posted on 04/28/2007 2:01:30 AM PDT by yankeedame ("Oh, I can take it but I'd much rather dish it out.")
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To: B-Chan
Everyone see what happens when America withdraws from a warzone? ; p
24 posted on 04/28/2007 2:12:41 AM PDT by Caipirabob (Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
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To: B-Chan

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...”


25 posted on 04/28/2007 2:21:05 AM PDT by Tall_Texan (NBC News - the preferred network of assassins and terrorists.)
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To: B-Chan
For what it is worth, one part of Detroit is being rehabbed. Houses are being painted and the lawns are maintained. All it took was for Mexicans to move in.
26 posted on 04/28/2007 2:54:57 AM PDT by Mark was here (Hard work never killed anyone, but why take the chance?)
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To: Mark was here

Probably depends on whether you can hear the mezzuin’s call to prayers or not.

http://www.jihadwatch.org/dhimmiwatch/archives/001560.php


27 posted on 04/28/2007 3:00:59 AM PDT by Eclectica (It only took one TV commercial to torpedo "Mr. Conservative" in 1964 Go-o-o-o RUDY!)
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To: B-Chan

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.


28 posted on 04/28/2007 3:06:48 AM PDT by Leftism is Mentally Deranged
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To: Caipirabob

Very good point


29 posted on 04/28/2007 3:26:02 AM PDT by listenhillary (Islamofacists are playing our media like a virtuoso)
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To: B-Chan

“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.


30 posted on 04/28/2007 3:27:51 AM PDT by listenhillary (Islamofacists are playing our media like a virtuoso)
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To: AZLiberty
Can't be. Detroit is a worker's paradise of Democrats. Governed by Democrats. Governed for Democrats.

There's nothing wrong with Detroit that pumping a lot of federal money in to it wouldn't cure.

31 posted on 04/28/2007 4:42:24 AM PDT by Vigilanteman (Are there any men left in Washington? Or are there only cowards? Ahmad Shah Massoud)
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To: Bonaparte

“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.


32 posted on 04/28/2007 4:52:50 AM PDT by sergeantdave (Give Hillary a 50 coupon for Betty Crocker's devils food mix & tell her to go home and bake a cake)
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To: Eternal_Bear
That is because you can escape from Detroit in a car!

Winner of the best comment of the week award!
33 posted on 04/28/2007 4:55:01 AM PDT by MaryFromMichigan
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To: IslandJeff

“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!


34 posted on 04/28/2007 5:03:12 AM PDT by TalBlack
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To: B-Chan

The story of Detroit’s decay is captured in brilliant photo-essays on detroityes.org — one of my favorite websites.


35 posted on 04/28/2007 5:06:51 AM PDT by WL-law
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To: WL-law

http://www.detroityes.com/home.htm


36 posted on 04/28/2007 5:09:41 AM PDT by WL-law
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To: SideoutFred

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.


37 posted on 04/28/2007 5:16:19 AM PDT by sergeantdave (Give Hillary a 50 coupon for Betty Crocker's devils food mix & tell her to go home and bake a cake)
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To: B-Chan

“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.


38 posted on 04/28/2007 5:19:50 AM PDT by em2vn
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To: B-Chan

sounds like iraq!


39 posted on 04/28/2007 5:21:41 AM PDT by ken21 (it takes a village to brainwash your child + to steal your property! /s)
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To: Mark was here

“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


40 posted on 04/28/2007 5:25:48 AM PDT by kittymyrib
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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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