In Detroit, houses cheaper than cars

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Job losses, a moribund real estate market and rising home-financing costs have made the Motor City the national leader in foreclosures.
<cite class="author">By Reuters</cite>
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With bidding stalled on some of the least desirable residences in Detroit's collapsing housing market, even the fast-talking auctioneer was feeling the stress.
"Folks, the ground underneath the house goes with it. You do know that, right?" he offered.
After selling house after house in the Motor City for less than the $29,000 it costs to buy the average new car, the auctioneer tried a new line: "The lumber in the house is worth more than that!"

As Detroit reels from job losses in the auto industry, the depressed city has emerged as a boomtown in one area: foreclosed property.

It also stands as a case study in the economic pain from a housing bust as analysts consider whether a developing crisis in mortgages to high-risk borrowers will trigger a slowdown in the broader economy.

The rising cost of mortgage financing for Detroit borrowers with weak credit has added to the downdraft from a slumping local economy to send home values plunging faster than many investors anticipated a few months ago.

At a weekend sale of about 300 Detroit-area houses by Texas auction firm Hudson & Marshall, the mood was marked more by fear than greed.

"These people are investors, and they know the difficulty of finding financing. They know the difficulty of finding good tenants. They're cautious," said real estate agent Stanley Wegrzynowicz, who attended the auction.


The city, which has lost more than half its population in the past 30 years and struggled with rising crime, failing schools and other social problems, largely missed out on the housing boom that swept much of the country in recent years.

Prices have gained less than 2% per year in the five years since 2001, when the auto industry entered a renewed slump.

'You have to wonder how low it's going to get'
Steve Izairi, 32, who refinanced his own house in suburban Dearborn and sold his restaurant to begin buying rental properties in Detroit two years, was concerned that houses he thought were bargains at $70,000 two years ago were now selling for just $35,000.

At least 16 Detroit houses up for sale on Sunday sold for $30,000 or less.

A boarded-up bungalow on the city's west side brought $1,300. A four-bedroom house near the original Motown recording studio sold for $7,000.

"You can't buy a used car for that," said Izairi. "It's a gamble, and you have to wonder how low it's going to get."

Detroit, where unemployment runs near 14% and a third of the population lives in poverty, leads the nation in new foreclosure filings, according to tracking service RealtyTrac.

With large swaths of the city now abandoned, banks are reclaiming and reselling Detroit homes through foreclosures at seven times the national rate.

Michigan was the only state to see home prices fall in 2006. The national average price rose almost 6% but prices slipped 0.4% here, according to a federal study.

The state's jobless rate of 7.1% in January was also the second highest in the nation, behind only Mississippi.

Handed over deposits with a wince
Mayor Kwame Kilpatrick was greeted with applause when he announced last week that two condominiums in the city's revitalizing downtown sold for over $1 million each.

But investors, including some from out of state, proved far more cautious at Sunday's auction.
In the most spirited bidding of the day, a sprawling, four-bedroom mansion from Detroit's boom days with an ornate stone entrance fetched just $135,000.

Dave Webb, principal at Hudson & Marshall, said Michigan had become a "heavy volume" market for his auction firm in recent years, although bigger-money deals were waiting in California, a market he said was ready for the first such auctions of repossessed property in years.

"These people that are buying have got to look at holding on for five to seven years," he said. "The key is holding power."

Even with the steep discounts on Detroit-area properties, some buyers handed over their deposits with a wince.

"I'm not sure it's congratulations," said Kirk Neal, a 55-year-old auto body shop worker who bought a ranch in the suburb of Oak Park for $34,000. "My wife is going to kill me."

Real estate agent Ron Walraven had a three-bedroom house in the suburb of Bloomfield Hills that had listed for $525,000 sell for just $130,000 at the auction.

"Once we've seen the last person leave Michigan, then I think we'll be able to say we've seen the bottom," he said.
 

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looking at some craigslist ads online, i can get a 3 bed 1 bath house for 10,500 in detroit, wayne county. have no idea what that county is like.
 

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cheaper than rent

if you have time, buy it
 

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u ain't seen nothing yet

if the D comes (not saying it will but...)

this gonna happen nationwide

this is what happens when the a big job market goes tits up and spreads like a virus locally in this instance was the manufacturing/auto industry
 

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u ain't seen nothing yet

if the D comes (not saying it will but...)

this gonna happen nationwide

this is what happens when the a big job market goes tits up and spreads like a virus locally in this instance was the manufacturing/auto industry


In the last crash, my mom became a condo whore, now she's a condo queen.

Buy low

Whenever everybody thinks things are fucked, buy buy buy
 

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oh yeah those not in super debt and with good credit and some capital will make out fine in this environment

problem is not many american's are

its becoming a question of how fucked are we

think you will see pockets such as michigan popping up more and more.....cali and vegas are a mess.....

and guessing you will see value/cheapness not seen in your lifetime willie
 
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<TABLE borderColor=#808080 cellSpacing=0 cellPadding=2 width=543 bgColor=#c0c0c0 border=1><TBODY><TR><TD width="100%"><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128>Split Status:</TD><TD width=104 bgColor=#dedede> </TD><TD width=104 bgColor=#dedede> </TD><TD width=104 bgColor=#dedede> </TD><TD width=103 bgColor=#dedede> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128>Flags:</TD><TD width=415 bgColor=#dedede> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128>Tax District :</TD><TD width=300 bgColor=#dedede>TOLEDO CITY-TOLEDO CSD </TD><TD width=115> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128>Pro # :</TD><TD width=415 bgColor=#dedede>G76 </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128>Bank :</TD><TD width=415 bgColor=#dedede>S H PROPERTIES </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128>Class/Landuse :</TD><TD width=135 bgColor=#dedede>R / 10 </TD><TD width=50> </TD><TD width=95>Map No. :</TD><TD width=135 bgColor=#dedede> </TD></TR></TBODY></TABLE><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128>Zoning Code:</TD><TD width=415 bgColor=#dedede>IL </TD></TR></TBODY></TABLE><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128>Zoning Description:</TD><TD width=415 bgColor=#dedede></TD></TR></TBODY></TABLE><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128>Owner :</TD><TD width=415 bgColor=#dedede>S H PROPERTIES * </TD></TR></TBODY></TABLE><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128>Address :</TD><TD width=415 bgColor=#dedede>3909 ST </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128> </TD><TD align=left width=190 bgColor=#dedede>TOLEDO </TD><TD width=10> </TD><TD align=left width=30 bgColor=#dedede>OH </TD><TD width=10> </TD><TD align=left width=50 bgColor=#dedede> </TD><TD width=125> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=10 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><!-- MAILING ADDRESS --><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128>Mailing Address :</TD><TD width=415 bgColor=#dedede>S H PROPERTIES </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128> </TD><TD width=415 bgColor=#dedede>2300 </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128> </TD><TD align=left width=190 bgColor=#dedede></TD><TD width=10> </TD><TD align=left width=30 bgColor=#dedede>OH </TD><TD width=10> </TD><TD align=left width=50 bgColor=#dedede>436 </TD><TD width=125> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=10 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><!-- LEGAL DESCRIPTION --><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128>Legal Desc. :</TD><TD width=415 bgColor=#dedede> ADD 162 S 30 FT </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=128>Tax Map :</TD><TD width=415 bgColor=#dedede></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

<TABLE borderColor=#808080 cellSpacing=0 cellPadding=2 width=543 bgColor=#c0c0c0 border=1><TBODY><TR><TD width="100%"><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=88>Frontage :</TD><TD width=88 bgColor=#dedede>30</TD><TD width=5> </TD><TD width=88>Occupancy :</TD><TD width=88 bgColor=#dedede>ONEFAM</TD><TD width=10> </TD><TD width=88>TLA :</TD><TD width=88 bgColor=#dedede>808</TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=88>Depth :</TD><TD width=88 bgColor=#dedede>95</TD><TD width=5> </TD><TD width=88>Stories :</TD><TD width=88 bgColor=#dedede>ONE</TD><TD width=10> </TD><TD width=88>Year Built :</TD><TD width=88 bgColor=#dedede>1907</TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=88>Acres :</TD><TD width=88 bgColor=#dedede>0.070</TD><TD width=5> </TD><TD width=88>Wall :</TD><TD width=88 bgColor=#dedede>METLVNYL</TD><TD width=10> </TD><TD width=88>Bed No. :</TD><TD width=88 bgColor=#dedede>2</TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=88>Baths :</TD><TD width=88 bgColor=#dedede>1</TD><TD width=5> </TD><TD width=88>Gar. Type :</TD><TD width=88 bgColor=#dedede>DETACHED</TD><TD width=10> </TD><TD width=88>Gar. Sq. Ft. :</TD><TD width=88 bgColor=#dedede>160</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

<TABLE borderColor=#808080 cellSpacing=0 cellPadding=2 width=543 bgColor=#c0c0c0 border=1><TBODY><TR><TD width="100%"><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=135>Prior Owner :</TD><TD width=408 bgColor=#dedede></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=135>Sale Amount :</TD><TD width=135 bgColor=#dedede>3,250.00</TD><TD width=273> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=135>Deed :</TD><TD width=135 bgColor=#dedede>GW</TD><TD width=23> </TD><TD width=115>Sale Date :</TD><TD width=135 bgColor=#dedede>07/22/2008</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

<TABLE borderColor=#808080 cellSpacing=0 cellPadding=2 width=543 bgColor=#c0c0c0 border=1><TBODY><TR><TD width=543><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=100> </TD><TD width=10> </TD><TD align=middle width=100>35% Values</TD><TD width=10> </TD><TD align=middle width=100>100% Values</TD><TD width=10> </TD><TD align=middle width=100>35% Roll</TD><TD width=10> </TD><TD align=middle width=100>100% Roll</TD><TD> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=100>Land :</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>1,650</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>4,700</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>0</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>0</TD><TD> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=100>Building :</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>3,960</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>11,300</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>0</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>0</TD><TD> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=100>Total :</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>5,610</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>16,000</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>0</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>0</TD><TD> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=8 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=150>Last Val. Chg. :</TD><TD width=10> </TD><TD width=100 bgColor=#dedede>06/16/2008</TD><TD width=30> </TD><TD width=80>Roll Flag :</TD><TD width=10> </TD><TD width=100 bgColor=#dedede></TD><TD> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=10 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=150></TD><TD width=10> </TD><TD align=middle width=100>1st Half</TD><TD width=10> </TD><TD align=middle width=100>2nd Half</TD><TD> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=150>Homestead Red. :</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>0.00</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>0.00</TD><TD> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=150>Net General :</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>291.53</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>583.06</TD><TD> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=150>Net Specials :</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>70.07</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>140.14</TD><TD> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=150>Tax Due :</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>1,226.64</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>1,624.39</TD><TD> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=150>Collected :</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>0.00</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>1,624.39</TD><TD> </TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD width=150>Unpaid :</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>1,226.64</TD><TD width=10> </TD><TD align=right width=100 bgColor=#dedede>0.00</TD><TD> </TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE><TABLE cellSpacing=border=0 cellPadding=0><TBODY><TR><TD><TABLE height=3 cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD></TD></TR></TBODY></TABLE></TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=543 border=0><TBODY><TR><TD align=middle>This one down the street from me went for 3,250.....Of course it needs a roof & some other work but I looked at it on the outside & it looked fairly decent...Owner wanted 7,500 for it,this is not a slum area</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></ASP>
 

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Asking $10k for the house in Detroit maybe too much depending on where it is. LINWOOD STAND UP!!!!!!
 

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i like how people just see cheap relative to their location wherever it may be and therefore equate value

what jobs are coming back to detroit anytime soon? the city is a wreck

i mean you might make some money over the long haul but prices staying down for quite some time

in the meantime you gotta pay property taxes and all the other stuff and won't be able to find anybody to rent it

plus the home just gonna be surrounded by foreclosed empty homes...and bums and such from the area might use it as their shitter

many of the homes you better off just using as firewood like the article said....its so true....and scrap it for the metal as well....
 

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I showed a buddy from Windsor this article...His answer

"You couldn't pay me to live in that Shit hole" meaning Detroit
 

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You could buy that house and salvage the bits for resale. Probably make your money back, plus you have a building lot for future sales.
 

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When I went back to the D a few weeks ago, all of the OGs I talked to were talking about trying to get out of Detroit. Hell some of them is the reason why Detroit is where it is now living wise that is. Now they're older they feel remorse for what they did to the city and now their sons & nephews are out thugging and fucking up the city worse than them.
 

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whats so bad about detroit compared to other big cities. i havent lived there so i dont know.

crime is high, but its high in all big american metro areas. what about detroit makes it so bad exactly. im not covering for detroit, just dont know since i havent been there.
 

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You could buy that house and salvage the bits for resale. Probably make your money back, plus you have a building lot for future sales.

Most of them probably have the piping stripped by the crackhead and other vital pieces swiped. you'd be better finding a spot in the burbs for a bargain and poss. renting out at the worse. I read in the article a half million house in Bloomfield went for under $200,000. What a steal!
 

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whats so bad about detroit compared to other big cities. i havent lived there so i dont know.

crime is high, but its high in all big american metro areas. what about detroit makes it so bad exactly. im not covering for detroit, just dont know since i havent been there.

Fools just be out there thuggin' (robbing, stealing and killing) and the hate for each other is ridiculous. Crab in the barrel mentality. Priorities all screwed up where people care more about what ride they pushing than paying their bills. Of course that isn't everybody there but it's more so than it isn't. Besides it's an eyesore since it was never rebuilt since the riots since the 60s. It's somewhat spread out to the nearing suburbs too. Southfield and Oak Park use to be nice but now it's pretty much the hood.
 

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whats so bad about detroit compared to other big cities. i havent lived there so i dont know.

crime is high, but its high in all big american metro areas. what about detroit makes it so bad exactly. im not covering for detroit, just dont know since i havent been there.

plus the job market big reason its spreading outwardly as go2guy explained

the american auto industry is just toast right now
 

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Fools just be out there thuggin' (robbing, stealing and killing) and the hate for each other is ridiculous. Crab in the barrel mentality. Priorities all screwed up where people care more about what ride they pushing than paying their bills. Of course that isn't everybody there but it's more so than it isn't. Besides it's an eyesore since it was never rebuilt since the riots since the 60s. It's somewhat spread out to the nearing suburbs too. Southfield and Oak Park use to be nice but now it's pretty much the hood.

so your saying idiots and criminals are coming from the city into the burbs now in that area? isnt that the same in all metro areas. the criminals and idiots eventually reach the burbs, its only a matter of time.
 

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