Do I buy the used Lexus or the 3br 2bath home?
Posted on March 21st, 2007 By scott at 2:33 pm (All, Michigan News, Two legs)
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!”
Update:
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?