Post Number: 242
|Posted on Thursday, May 29, 2008 - 9:02 am: || |
This is from the May 27th Wall Street Journal, but I didn't see it until today:
For the first four months of this year, home sales in Detroit, excluding suburbs, totaled 3,360, up 48% from a year earlier, according to the Michigan Association of Realtors. The average price dropped 56% to just $20,514. That average is so low because many of the sales involve decrepit homes in neighborhoods with few jobs.
Most of the recent sales in Detroit involve investors buying foreclosed homes, says Carl Williams, president of the local association of Realtors. The homes are selling, he says, because "the prices are dirt cheap."
Just thought people might be interested.
Post Number: 244
|Posted on Thursday, May 29, 2008 - 10:41 am: || |