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Author Topic: Average Home Price in Detroit Falls to $11,596  (Read 2543 times)

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Offline bijou

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Average Home Price in Detroit Falls to $11,596
« on: August 20, 2009, 01:12:00 PM »


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According to the Michigan Association of Realtors and Detroit Board of Realtors (data here), the average sales price of a Detroit home fell to $11,596 in July (Year-to-Date), a -40% decline from the $19,596 average home price during the same period last year (see chart above). 2009 year-to-date unit sales increased by 17% to 7,373 homes, compared to 6,315 Detroit homes sold last year over the same period. From the $97,850 peak Detroit home price in 2003, prices have fallen by an amazing 88%. With a 20% down payment on a $11,596 average priced home in Detroit, the monthly payments on a 30-year fixed-rate mortgage at 5.25% would be only $51.23.  ...

http://mjperry.blogspot.com/2009/08/average-home-price-in-detroit-falls-to.html
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Offline Ralph Wiggum

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #1 on: August 20, 2009, 01:21:05 PM »
Holy crap!
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Offline thundley4

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #2 on: August 20, 2009, 01:29:11 PM »
That sounds like the perfect place for 0Bama to try his experiment of turning houses into rento rental units.  Then the next conservative president can  nuke them from high orbit.  :evillaugh:
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Offline DixieBelle

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #3 on: August 20, 2009, 01:40:04 PM »
^heh. Yeah even a poor person could afford a $53 a month mortgage.
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Offline JohnnyReb

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #4 on: August 20, 2009, 01:46:46 PM »
See, that right there tells you it's the copper mining corps....strip the wiring and plumbing out and see how cheap housing is.
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Offline DumbAss Tanker

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #5 on: August 20, 2009, 04:59:41 PM »
It's still ten thousand times more than I'd pay for one there.
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Offline Happy Fun Ball

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #6 on: August 21, 2009, 07:27:30 AM »
Quote from: thundley4 on August 20, 2009, 01:29:11 PM
That sounds like the perfect place for 0Bama to try his experiment of turning houses into rento rental units.
And he'll call it Delta City.
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Offline jtyangel

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #7 on: August 21, 2009, 07:29:42 AM »
Let's remember this is probably inside of Detroit city limits. The homes in the suburbs, while dropping dramatically in price, are still selling 100k on up. NOW is the time those dolts in Washington should have been peddling home ownership to all. 53 bucks is less then what a lot of Section 8 people have to pay for their portion of rent on some crappy ass apartment in a ghetto. geez!
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Offline Toastedturningtidelegs

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #8 on: August 21, 2009, 07:47:31 AM »
Quote from: jtyangel on August 21, 2009, 07:29:42 AM
Let's remember this is probably inside of Detroit city limits. The homes in the suburbs, while dropping dramatically in price, are still selling 100k on up. NOW is the time those dolts in Washington should have been peddling home ownership to all. 53 bucks is less then what a lot of Section 8 people have to pay for their portion of rent on some crappy ass apartment in a ghetto. geez!
Yes Jty you are right. Because of alot of the foreclosures in the Metro Detroit are which includes Oakland,wayne,macomb and a portion of genesee county. My house and the double corner lot it sits on have depreciated by almost half! :banghead: Really makes me just want to walk away and rent at this point. :thatsright:
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Offline NHSparky

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #9 on: August 21, 2009, 07:48:49 AM »
Quote from: Happy Fun Ball on August 21, 2009, 07:27:30 AM
And he'll call it Delta City.

Ah, great movie.  Who knew Detroit really WOULD end up the way it is now?
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Offline Eupher

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #10 on: August 21, 2009, 08:45:25 AM »
Quote from: Toastedturningtidelegs on August 21, 2009, 07:47:31 AM
Yes Jty you are right. Because of alot of the foreclosures in the Metro Detroit are which includes Oakland,wayne,macomb and a portion of genesee county. My house and the double corner lot it sits on have depreciated by almost half! :banghead: Really makes me just want to walk away and rent at this point. :thatsright:

Didn't I read recently that "renting" was one of Lord Zero's twists on "The American Dream"?

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Offline Toastedturningtidelegs

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #11 on: August 21, 2009, 08:52:25 AM »
Quote from: Eupher on August 21, 2009, 08:45:25 AM
Didn't I read recently that "renting" was one of Lord Zero's twists on "The American Dream"?


Well maybe that was his plan afterall to so disgust honest working people that they would rather just walk away from their homes than sink anymore money or time into them!  :banghead:
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Offline Eupher

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #12 on: August 21, 2009, 08:59:21 AM »
Quote from: NHSparky on August 21, 2009, 07:48:49 AM
Ah, great movie.  Who knew Detroit really WOULD end up the way it is now?

Every time I return to the city of my birth, I'm reminded of just how much of a hellhole Detroit has become. The burned out, torched crack houses of Highland Park (a very exclusive neighborhood back in the Forties and Fifties); the decrepit condition of the Mack and Jefferson corridor, and the ghost town that downtown Detroit becomes after 5 p.m. (ain't wise to hang out where you can get shot in any number of drive-bys).

I honestly don't understand how people can willingly choose to live there, unless they're crack addicts, welfare mommas, or otherwise on the take. The level of corruption in Detroit might possibly be matched by Memphis and New Orleans, but I'm thinking with the legacy that Coleman Young left behind, Detroit stands in a category all by itself, an overfilled cesspool:



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Offline Chump

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #13 on: August 25, 2009, 09:34:34 AM »
Ah, Detroit, the real-time experiment in liberal policy implementation.
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Offline EpixstaR

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #14 on: August 25, 2009, 12:21:37 PM »
i live about 20 min out of detroit in taylor mi. not much better here i paid 28,000 for my house.
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Offline RobJohnson

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Re: Average Home Price in Detroit Falls to $11,596
« Reply #15 on: August 29, 2009, 01:04:14 AM »
Quote from: DumbAss Tanker on August 20, 2009, 04:59:41 PM
It's still ten thousand times more than I'd pay for one there.

 :lmao: :lmao: :lmao:

A few months ago I seen a special on tv about a guy that bought alot of houses from banks in bulk, then resold them. It showed 20 houses that he bought in MI for $100,000. A couple were gems, a few very simply dumps...it takes a while to sell them, but he had sold two of them for 60k each....meanwhile you have to pay taxes, etc on the empty ones. (Or pay for the wrecking ball, LOL)

He would also act as a broker, earning about $500 a house on huge bulk property transfers between banks & buyers...one buyer would buy 100 houses, and he would make 50k....
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