I know that housing prices are crazy out here, but this from the Detroit Free Press just stuns me:
Driven down by sales of foreclosed homes, median sale prices fell 34% in metro Detroit in September compared with a year ago, dipping below $10,000 in the city of Detroit.
The median price on a house or condo sold in Detroit last month plummeted 57%, to $9,250, from $21,250 a year ago, according to figures released Monday by Realcomp, a multiple listing service based in Farmington Hills.
Foreclosures represented two-thirds of sales in Detroit in September, and they boosted sales by 81% as buyers laid claim to 1,019 homes.
For the wider metro area, the median sale price was down 34%, from $129,000 a year ago to $85,000 last month.
The median price - that is, there are half as many homes priced below as above - was $9,250. Half the homes sold in Detroit cost less than that. There's not much farther to go - and I know that Detroit has been feeling this pinch for awhile - but good LORD. It's not much better in the "wider metro area" but the numbers within Detroit look like they are from the 1960's.