Wednesday, February 27, 2008

Detroit House Prices finally reach ~0$

One of the easy ways to identify zones of economic catastrophe is to look at house prices. Where the disaster reaches levels of complete economic devastation, house prices decline to roughly 0. I have long wondered if Detroit can survive the woes that have fallen its way, but it finally looks like it's done for - an economic equivalent of dropping a nuclear bomb on the city. Consider the following post:

The Big Picture | Detroit Housing = ~$0

According to the above link, house prices in Detroit are basically 0, i.e. people are willing to abandon their homes to get out of the area. Makes one wonder if it still makes any sense for the US to keep their car manufacturers on artificial life support - after all, the companies themselves are not supporting much anymore...

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