Do I buy the used Lexus or the 3br 2bath home?
by Scott Smith
From Boing Boing—
Detroit houses selling for less than cars
Houses in Detroit are selling for less than new cars:
Folks, the ground underneath the house goes with it. You do know that, right?” he offered.
After selling house after house in the Motor City for less than the $29,000 it costs to buy the average new car, the auctioneer tried a new line: “The lumber in the house is worth more than that!”
From the same article: “At a weekend sale of about 300 Detroit-area houses by Texas-based auction firm Hudson & Marshall, the mood was marked more by fear than greed.”
They couldn’t even find a Michigan-based auction company to sell the foreclosed homes?