$7500 is all it takes to buy a home in the Motor City these days:
It may be tough to get financing for a new car these days, but in Detroit you can buy a house with a credit card. The median price of a home sold in Detroit in December was $7,500, according to Realcomp, a listing service. Detroit has long been the snide remark and punch line to derogatory urban humor, and the conviction last fall of two-term Mayor Kwame Kilpatrick for lying about an extramarital affair with his chief of staff reinforced suspicions that Detroit is beyond help, let alone self-governance. But as the domestic auto industry, the city’s principal private-sector employer and founding corporate father, seeks a financial bailout from Washington, formerly whispered remarks about the prospect of the nation’s 11th-largest city being the first major American city to go bankrupt are now publicly discussed. . . Detroit will never be the great industrial center again,” said Kevin Boyle, a Detroit native and author of “Arc of Justice: A Saga of Race, Civil Rights and Murder in the Jazz Age.” “What will it look like?” Boyle said. “I don’t know” [Emph Added].
Sure, the typical home you could score for under 8 G’s in Detroit probably lacks the granite countertops and walk-in closets most buyers crave, but hey, they’re great starter homes with character. If you get a wild hair and decide to buy one, the first thing you’ll want to fix are the locks. . .