Time to buy another house.

Forums: Detroit, Cheap Houses
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http://mjperry.blogspot.com/2009/04/average-home-price-in-detroit-falls-to.html

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According to the Michigan Association of Realtors and Detroit Board of Realtors (data here), the average sales price of a Detroit home fell to $12,669 in February (Year-to-Date), a -42.5% decline from the $22,016 average home price during the same period last year (see chart above). 2009 year-to-date unit sales increased by 22.3% to 1,884 homes, compared to 1,540 Detroit homes sold last year over the same period.

From the $97,850 peak Detroit home price in 2003, prices have fallen by an amazing 87%.

For the entire state of Michigan, the average YTD home sales price has fallen by -31% to $85,892 through February 2009, compared to last year's average price of $124,618 for the same period.

See related Marginal Revolution post here.

See updated data here, YTD price through July is only $11,596.

So I guess Detroit is the place to go if you want to buy a house.
Assuming that you want to live in a city.

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@mysteryman,

My sister in Tampa is joining up with her neighbors to attempt to purchase a property that is coming up for auction this week. It's an abandoned property that they hope to fix up, rent out, and then sell once the RE market improves. They're hoping it helps prevent the overall drop in RE values in their neighborhood. They're willing to pay more than rock-bottom price to see that that happens. It's an interesting concept...

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@JPB,

I hope it works, JPB (and that they have a lawyer review the structure).
We in Cville have a program going called CHIP. They buy properties and rehab them for low or mid income families. Construction supervision is donated by local builders. A lot of labor comes from UVA service groups and the residents-to-be. The city covers the cost of insurance. The money to buy and rehab the properties comes from grants or loans from individuals/businesses at low, very low, rates.

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Time to buy another house.

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