Dec '08 Median Price of House Sold in Detroit = $7,500

Posted by Pat Kitano at 3/1/2009 9:04 PM
Categories: Real Estate Economics,Economy
Tags: housing market Detroit


Chicago Tribune reports the median home price sold in Detroit in December, 2008 was $7,500. (read first at Ritholtz The Big Picture)
Detroit, which has lost half its population in the past 50 years, is deceptively large, covering 139 square miles. Manhattan, San Francisco and Boston could, as a group, fit inside the city's boundaries. There is no major grocery chain in the city, and only two movie theaters. Much of the neighborhood economy revolves around rib joints, hot dog stands and liquor stores.
The statements made by the Tribune above depict a third world city.

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