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Reply #19: First, let me say that I disagree with the mod who moved this to the Places>Michigan Forum. [View All]

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Snarkoleptic Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-25-09 05:59 PM
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19. First, let me say that I disagree with the mod who moved this to the Places>Michigan Forum.
This story is as much about the nationwide housing collapse as it is a Michigan topic.

Anyhow, Detroit has been in decline for 30+ years and there is a huge housing glut as jobs vaporize.
One example that shocked me when I worked in wholesale lending in the Detroit market was a home that sold for $215K.
It sat on a 1.2 acre lot with mature and well kept plantings.
4400 square foor two story home with a full (unfinished) basement and a partially finished walk-up attic.
The home was build in the 1920's and was in great shape with hardwood floors, pocket doors, build in book cases.
Also, 4 fireplaces, 2 staircases, a 3-season room, butlers pantry, dumbwaiter, huge updated kitchen, etc.

Detroit is the poster-child for how Reaganomics and bogus free trade agreements have hollowed-out our economy.
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