Badger Blog Alliance

Sic Semper Tyrannis

Monday, March 19, 2007

Will the last person to leave Detroit please turn out the light

We all complain about Milwaukee, Madison, state government/taxes, and the state business environment, but at least we aren't Michigan. Things have gotten so bad in Detroit that housing is selling at auction for less than the price of a car.

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.

A boarded-up bungalow on the city's west side brought $1,300. A four-bedroom house near the original Motown recording studio sold for $7,000.