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Detroit Houses = $1

Posted By Barry Ritholtz On August 13, 2008 @ 5:36 pm In Economy,Real Estate | Comments Disabled

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 [1]

>

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 [2] & 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 [3].

Today?

There are 182 Properties for sales for less than $1,000 [4] on Realtor.com/search — and the asking price on some of those houses is one dollar:

>

Detriot_1 [4]


Thanks for the suggestion Nick — I never would have thought of updating this if it wasn’t for you!


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2008/08/detroit-houses-1/

URLs in this post:

[1] Nick: http://bigpicture.typepad.com/comments/2008/08/nar-housing-aff.html#comments

[2] Love Canal: http://en.wikipedia.org/wiki/Love_Canal

[3] Detroit area for $100: http://bigpicture.typepad.com/comments/2008/02/detroit-housing.html

[4] 182 Properties for sales for less than $1,000: http://www.realtor.com/search/searchresults.aspx?ctid=2959&ml=3&mxp=2&typ=7

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