Houses Cheaper Than Cars in Detroit

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.

[via Reuters]