Professor Mark J. Perry's Blog for Economics and Finance
Posted 4:02 PM Post Link
Links to this post
No great surprise there--you can drive a car out of Detroit much easier than you can move a house out of Detroit.
$29,000 for a house in Detroit? That sounds VERY expensive & part of the bubble frenzy to me! When I lived in Detroit in the mid to late 80's, you could EASILY get a house for under $10k. I had personally seen some houses sell for as little as $4,000. Admittedly, they were in poor condition (but livable) and were in bad neighborhoods. Of course, all neighborhoods in Detroit range on a scale from insanely terrible to marginal at best.An UNBELIEVABLE amount of wealth & property has been destroyed in Detroit over the past 40 years. It is one of the great untold stories of our time.
Post a Comment
Create a Link
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.
Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
View my complete profile