14 June 2009

Median Detroit House Is $6000

The median price of a house in May, 2009 in Detroit is $6,000, about half the price of a new entry level car from a Big Three auto maker. Clearly, the spectacle of two of the three of the Big Three automobile makers has not been good for real estate in the Motor City.

For the Detroit metro area as a whole, the median price for homes sold in May was $50,000, "a 44.3% drop from $89,700 in May 2008. Foreclosures continue to drag down prices. In May, foreclosure sales accounted for 60% of all homes sold."

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