Houses cheaper than cars in Detroit

[ghi]

the job lost domino efect in car manufacturing, Time for you guys from US,to buy a property for investment, can get it on visa, no need to apply for mortgage,
Don't you think ,the price will go up in few years?

http://news.yahoo.com/s/nm/20070319/ts_nm/usa_subprime_detroit_dc

[storch]

with many americans mortgaged to 125% of the value of their homes and with a plunging real estate market nation wide the bubble has apparently burst on the rediculously inflated real estate market.  47 banks failed last month and money for real estate investment is becoming scarce.  there will be a new buyer's market emerging soon as the foreclosure rate increases nation wide.

the time to buy isn't right now, as the economy goes lethargic as it typically does in an election year.  I think the time to buy will be approximately a year from now.

I don't suspect houses will return to pre 2003 prices or below but they will drop considerably allowing those that have the means to be able to snap up flip deals if they can buy and hold until the next upturn.  depending on who gets into the oval office I think 2010/2011 could see another rise in the market.

[Masherbrum]

Agree 100% Storch.

[lazs2]

it is still about location...  detroit screwed itself with the union car industry... You can probly not get a good deal on a home near the toyota plant in tennessee.

In kalifornia... it is as storchita says... over financed..  the builders are not building.. the demand is building tho.   People will always want to live here..  the price will rise and the demand will exceed the supply.

I will sell at a peak and move to a place that is pleasant but with less demand than where I live now.

lazs

[Captain Virgil Hilts]

The Toyota plant is in Kentucky, they make the Camry there. The Nissan plant is in Tennessee, they make a bunch of crap here, it's about 15 minutes from me. They (Nissan) offered a truckload of employees a buyout of $45K and up if they'd leave. Several hundred took it. I know a few 10-15 year employees that got a one time payment of well over $100K. If they weren't so stupid as to be up to their eyes in hock, the $100K would be a killer fresh start. I'd like to have made $80K for ten years or so and gotten paid $100K to leave. I'd have a paid for house and a paid for business in a week.

[lazs2]

sorry... they all look alike to me.  wouldn't ever even drive one much less buy one.

The fact remains that the unions have killed the American auto industry and that has killed the housing market in those areas.

lazs

[Toad]

Well, Laz, you're half right.

The Unions, working hand in hand with stupid, greedy Auto Company Management, killed the US car industry.

[Phaser11]

Phaser11 in Detroit
It is terrible here. I cannot sell my home to move out of state. I cannot believe my wife and I were talking the other day of just letting the bank have it and the heck with the credit report. My son has finally got a full time job (22 years old) my daughter and wife are looking.
 Michigan is on the fast track to no where. Almost everything is based on the auto world here and it is dieing fast. Stores are closing faster that new ones are opening. Gas is at 2.65 a gallon again and rising. Unemployment is ramp-it. People are starting to turn against each other. There was a shooting on the way into work the other day where a woman shot another’s car for tailgating her (I have put my vest back in the truck). The governor is looking at a new sales and sintax (tax on cigs and alcohol).
 Michigan needs something new.

Something…….

[lasersailor184]

Originally posted by Captain Virgil Hilts
The Toyota plant is in Kentucky, they make the Camry there. The Nissan plant is in Tennessee, they make a bunch of crap here, it's about 15 minutes from me. They (Nissan) offered a truckload of employees a buyout of $45K and up if they'd leave. Several hundred took it. I know a few 10-15 year employees that got a one time payment of well over $100K. If they weren't so stupid as to be up to their eyes in hock, the $100K would be a killer fresh start. I'd like to have made $80K for ten years or so and gotten paid $100K to leave. I'd have a paid for house and a paid for business in a week.

Wait, why would they offer a buy out?  Just what exactly is a buy out?

[Shamus]

Originally posted by Phaser11

The governor is looking at a new sales and sintax (tax on cigs and alcohol).
 Michigan needs something new.

Something…….

Isnt it funny how those feeding at the public trough feel as though they should give up nothing? , always a tax increase is the answer.

The county employees were told that their health insurance was going to cost them fifty bucks a month now, you should have heard the crying, bunch of spoiled brats.

shamus

[Captain Virgil Hilts]

They pay you to leave your job. Or, if you prefer, you get paid to volunteer to be laid off.

[Xargos]

Never mind, sorry.

And I was not talking about anyone in here either, so don't be .

[Choocha]

Wow, A subject right up my alley.  I lived in Detroit (sub) for ten years and worked for General Motors.  I'm not from the Midwest, so I felt like a space alien.    
There is a very poor work ethic in the midwest in general and the worst can be found in the unions.  Everybody thinks its thier birth right to have an easy high paying job and do a crappy job on top of it.  Michigan, in particular suffers from this sorry collective attitude.  I sold my house six months ago and lost 8,000 dollars on it.  Everybody told me how lucky I was.  Now I live in Florida, where Unions are the devil and work is everywhere.  I make more here than I did up there and I'm about to go up even more here.  This place is booming and everybody laughs and Unions down here. Lol.


The UAW is a snake which wraps its body around its victims and sucks the life out of them.

[CptA]

Detroit and the rest of South-Eastern Michigan, and it's dependence upon the dying auto industry is like a singularity (Black Hole).

As the aging auto industry's plants and productivity winds down, and the auto firms seek to relocate outside of Michigan in search of more productive (and lower cost) non-union employees, it is dragging the economy of the rest of the state down with it.

It doesn't help that our Liberal, Canadian-born Governor is held-hostage by her SE Michigan voter base.

Her only ideas seem to revolve around increasing taxes in the outlying Northern and Western Michigan regions and funneling even more tax-payer cash into the vortex of dependancy.

She ought to be looking at lowering or eliminating taxes to encourage new business growth rather than increasing the tax load upon the remaining productive working population, but that's just not how her Party and her voter base thinks.

CptA

[Choocha]

Didn't Toyota want to build a Tech. Center in Ann Arbour and the State Legislature gave them the finger.  I think they said "we'll just do fine without them."


I think its funny that the motor city has the worst roads in the US.  Everybody makes excuses, but the bottom line is the fact that the road crews act like the UAW.  They don't do ****.