三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

   

Houses cheaper than cars in Detroit

(Reuters)
Updated: 2007-03-21 09:14

Detroit - With bidding stalled on some of the least desirable residences in Detroit's collapsing housing market, even the fast-talking auctioneer was feeling the stress.

An auction lawn sign points to a foreclosed property to be auctioned off by Dallas-based Hudson and Marshall along with several hundred other foreclosed homes in Detroit, Michigan March 18, 2007. Job losses in the U.S. industrial heartland have left states like Michigan and Ohio more vulnerable to mortgage defaults, as home finance costs rise amid often moribund real-estate markets. (Rebecca Cook/Reuters
An auction lawn sign points to a foreclosed property to be auctioned off by Dallas-based Hudson and Marshall along with several hundred other foreclosed homes in Detroit, Michigan March 18, 2007. Job losses in the US industrial heartland have left states like Michigan and Ohio more vulnerable to mortgage defaults, as home finance costs rise amid often moribund real-estate markets. [Reuters]

"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!"

As Detroit reels from job losses in the US auto industry, the depressed city has emerged as a boomtown in one area: foreclosed property.

It also stands as a case study in the economic pain from a housing bust as analysts consider whether a developing crisis in mortgages to high-risk borrowers will trigger a slowdown in the broader US economy.

The rising cost of mortgage financing for Detroit borrowers with weak credit has added to the downdraft from a slumping local economy to send home values plunging faster than many investors anticipated a few months ago.

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.

"These people are investors and they know the difficulty of finding financing. They know the difficulty of finding good tenants. They're cautious," said realtor Stanley Wegrzynowicz, who attended the auction.

How Low Is Low?

The city, which has lost more than half its population in the past 30 years and struggled with rising crime, failing schools and other social problems, largely missed out on the housing boom that swept much of the country in recent years.

Prices have gained less than 2 percent per year in the five years since 2001, when the auto industry entered a renewed slump.

Steve Izairi, 32, who re-financed his own house in suburban Dearborn and sold his restaurant to begin buying rental properties in Detroit two years, was concerned that houses he thought were bargains at $70,000 two years ago were now selling for just $35,000.

At least 16 Detroit houses up for sale on Sunday sold for $30,000 or less.

A boarded-up bungalow on the city's west side brought $1,300. A four-bedroom house near the original Motown recording studio sold for $7,000.

"You can't buy a used car for that," said Izairi. "It's a gamble, and you have to wonder how low it's going to get."

Detroit, where unemployment runs near 14 percent and a third of the population lives in poverty, leads the nation in new foreclosure filings, according to tracking service RealtyTrac.

With large swaths of the city now abandoned, banks are reclaiming and reselling Detroit homes from buyers who can no longer afford payments at seven times the national rate.

Michigan was the only state to see home prices fall in 2006. The national average price rose almost 6 percent but prices slipped 0.4 percent here, according to a federal study.

The state's jobless rate of 7.1 percent in January was also the second highest in the nation, behind only Mississippi.

How Much Can You Buy For US$1 Million?

Mayor Kwame Kilpatrick was greeted with applause when he announced last week that two condominiums in the city's revitalizing downtown sold for over US$1 million each.

But investors, including some from out of state, proved far more cautious at Sunday's auction.

In the most spirited bidding of the day, a sprawling, four-bedroom mansion from Detroit's boom days with an ornate stone entrance fetched just US$135,000.

Dave Webb, principal at Hudson & Marshall, said Michigan had become a "heavy volume" market for his auction firm in recent years, although bigger-money deals were waiting in California, a market he said was ready for the first such auctions of repossessed property in years.

"These people that are buying have got to look at holding on for five to seven years," he said. "The key is holding power."

Even with the steep discounts on Detroit-area properties, some buyers handed over their deposits with a wince.

"I'm not sure it's congratulations," said Kirk Neal, a 55-year-old auto body shop worker who bought a ranch in the suburb of Oak Park for US$34,000. "My wife is going to kill me."

Realtor Ron Walraven had a three-bedroom house in the suburb of Bloomfield Hills that had listed for US$525,000 sell for just US$130,000 at the auction.

"Once we've seen the last person leave Michigan, then I think we'll be able to say we've seen the bottom," he said.



Top World News  
Today's Top News  
Most Commented/Read Stories in 48 Hours
主站蜘蛛池模板: 日本一级特黄aa大片 | 国产成人精品视频一区二区不卡 | 伊人久久网站 | 香蕉在线视频观看 | 黄色录像毛片 | 88国产精品视频一区二区三区 | 久久综久久美利坚合众国 | 日韩成人在线观看视频 | 日本aa在线| 国产成人黄网址在线视频 | 精品国产成人a区在线观看 精品国产成人a在线观看 | 一级一片免费播放 | 男女激情在线观看 | 在线91色| 精品精品国产欧美在线观看 | 亚洲一级毛片欧美一级说乱 | 久久99精品国产99久久 | 韩国免费播放一级毛片 | 日本高清xxx免费视频 | 欧美日韩系列 | 涩色网站| 微拍 福利 视频 国产 | 中日韩美中文字幕 | 中文字幕在线国产 | 黄毛片| 色伊人色成人婷婷六月丁香 | 中国大陆一级毛片 免费 | 欧美高清性色生活片免费观看 | 亚洲另类视频 | 久草在线中文888 | 亚洲一级二级三级 | 欧美抠逼 | 国产美女视频网站 | 欧美精品白嫩bbwbbwbbw | 欧美亚洲欧美日韩中文二区 | 中文字幕午夜乱理片11111 | 黄色毛片大全 | 尤物蜜芽福利国产污在线观看 | 永久免费mv网站入口 | 久久久一级 | 成人久久免费视频 |