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Houses cheaper than cars in Detroit
|Contributor||*crickets chirp* |
|Last Edited||*crickets chirp* Mar 20, 2007 01:16pm|
|Media||Website - Yahoo News|
|News Date||Tuesday, March 20, 2007 07:00:00 PM UTC0:0|
|Description||DETROIT (Reuters) - 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 U.S. auto industry, the depressed city has emerged as a boomtown in one area: foreclosed property.