Detroit Houses = $1
I listened to your interview with Aaron Task today. While I can agree with your thesis, I did not care for the Love Canal-Detroit comment. Houses in the city of Detroit rarely go to $0 and certainly have some value to someone. This unfunny remark can probably be best summed up as racist or ignorant. I will assume the former.
-Nick
>
Actually, its neither.
People have tried to take me to task whenever I differentiate between stocks and houses. The half joking quote is "The difference between stocks and houses is, outside of Love Canal & Detroit, houses don't go to zero."
I'm sorry Nick, but unfortunately, this is not a joke: I first mentioned this back in February, when realtor.com had a huge run of houses for sale in the Detroit area for $100.
Today?
There are 182 Properties for sales for less than $1,000 on Realtor.com/search -- and the asking price on some of those houses is one dollar:
>
Thanks for the suggestion Nick -- I never would have thought of updating this if it wasn't for you!
Median House Price: Detroit MI
Wednesday, August 13, 2008 | 05:36 PM | Permalink
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I've been skeptical about all the bottom callers in the stock market, and what that portends for stock prices. In this case, though, I'm willing to go out on a limb and state that I think, at the very least, a bottom is forming in Detroit residential prices. Although we could stay at these levels for a while, I do not see prices going much lower from here. Of course, if you buy at the ask, you could still lose one hundred percent of your investment.
Posted by: Scott Frew | Aug 13, 2008 5:53:44 PM
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