Practical definition: Failed city

Posted by Marc Hodak on October 17, 2008 under Practical definitions | 2 Comments to Read

For Sale in Detroit

Failed city: Any major city in North America where the average home price is $9,250. No, I didn’t forget any zeroes. How ironic that in the Motor City, cars now cost more than homes?

HT: Walter Olson

MH3 said,

The median price on a house or condo sold in Detroit last month plummeted 57%, to $9,250, from $21,250 a year ago, according to figures released Monday by Realcomp, a multiple listing service based in Farmington Hills.

Foreclosures represented two-thirds of sales in Detroit in September, and they boosted sales by 81% as buyers laid claim to 1,019 homes.
McCaskill’s standard » Hodak Value said,

[…] that would even come close to the Executive Mansion; you might have to offer them the entire city of Detroit, if they would take […]