March 2, 2009

Want a Second Home for the Price of a Scooter? Try Detroit

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In a Chicago Tribune article about the 15 (!!) people who are seeking to become Detroit’s mayor, there is this little nugget:

The median price of a home sold in Detroit in December was $7,500, according to Realcomp, a listing service.

Not $75,000. Remove a zero—it’s seven thousand five hundred dollars, substantially less than the lowest-price car on the new-car market

The city’s bond rating is now at junk status, and when one mayoral candidate was asked to explain a 14 percent drop in the murder rate, he said, “I don’t mean to be sarcastic, but there just isn’t anyone left to kill.” What a charming town.

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