Fascinating stuff on the real estate meltdown in Detroit as, in an auction this past weekend, houses were cheaper than cars.
Steve Izairi, 32, who re-financed his own house in suburban Dearborn
and sold his restaurant to begin buying rental properties in Detroit
two years, was concerned that houses he thought were bargains at
$70,000 two years ago were now selling for just $35,000.
At least 16 Detroit houses up for sale on Sunday sold for $30,000 or less.
Granted, this has at least as much to do with an auto industry slump a real estate meltdown, but it’s still striking.