The Decline of Detroit: A Look at How Far We've Come

[hypatia]

http://www.trulia.com/MI/Detroit,3840,Indian_Village/

Housing still varies depending what area of Detroit your looking to buy in.

http://www.trulia.com/MI/Detroit,3875,Rosedale_Park/

 

[mheslep]

http://www.trulia.com/MI/Detroit,3840,Indian_Village/

Housing still varies depending what area of Detroit your looking to buy in.

http://www.trulia.com/MI/Detroit,3875,Rosedale_Park/

These online asking listings are very skewed now, my take. First, in this market asking prices are hugely disconnected from the selling price. People who paid large amounts are locked in and just sit there, asking for sums they can't get. See the selling tab:
http://www.trulia.com/MI/Detroit,3840,Indian_Village/#sold/3840_nh/. Second, the extremely depressed houses $5-$10k don't get posted - they're not worth the time for an agent.

 

[Zantra]

http://www.trulia.com/MI/Detroit,3840,Indian_Village/

Housing still varies depending what area of Detroit your looking to buy in.

http://www.trulia.com/MI/Detroit,3875,Rosedale_Park/

You see those high prices because it's in Indian Village near the mayor's house. That's why they think they can command those kinds of prices but the actual sell prices are much lower.

It's the same in Oakland county. All those 4-500K houes are now going for >$75k, But no one's buying them.