From our not-friends over at the gross soda/chocolate milk news site comes a story that frankly, shocked me as a Detroiter. Houses are going to auction at unheard of rates so low that it's cheaper(d'oh) more costly to buy a used car. Probably a better investment too considering the taxes are lower on a rusting heap than a rotting one. I mean, I knew it was bad, but $7000 around Motown? That's not even that bad of an area. The real three-fingered surprise comes when realtor Ron Walraven (has to be a fake name) confides that a house in the bougie suburb of Bloomfield Hills listing for $525k was bought at auction for $130k. Okay then folks, last one out of Michigan please turn out the lights when you leave.
Houses cheaper than cars in Detroit [Yahoo! News]
Related:
It's a Depreciation Party![internal]