Detroit + subprime

Discussion in 'Economics' started by a529612, Apr 4, 2007.

  1. front page chi tribune article last week said the mich and ohio are 15% of national foreclosures due to poor local economics. didn't participate in the rally and are hurting even more in the national decline.
  2. I know it's bad there due to auto/mfg being lost, but I am still blown away that homes got auctioned for 10k!

    The land has to be worth that. Since trading has been slow as of late, I have been looking up properties on Ebay and Craigs List that being big in depressed areas for 15k. That' pocket change. Not bragging, but I couldn't buy a shack in my part of Denver Metro for that. You should see the list of properties in South Florida, albeit for alot more $$$, but still selling at a discount.

    I was watching Flip that House with the guys from New Haven this weekend. They bought a place for 15k paid contractors 35k and sold it 2 weeks later for 125k I believe. I am not implying I could go this right now, but 15k for a house with property. Most SUV's cost more than that.:eek: