“The median price on a house or condo sold in Detroit last month plummeted 57%, to $9,250, from $21,250 a year ago, according to figures released Monday by Realcomp, a multiple listing service based in Farmington Hills.
Foreclosures represented two-thirds of sales in Detroit in September, and they boosted sales by 81% as buyers laid claim to 1,019 homes.”
That’s the median. Half of the houses sold in Detroit went for below $9,250. That’s astonishing. And:
“More than 37% of the September sales in the metro area were foreclosures, according to Karen Kage, Realcomp president.
But have we hit bottom yet?
“It is near impossible for me to say we are near done,” Kage said.”
How much further down could the bottom possibly be? If housing prices in Detroit fall just a little bit further, they’ll be giving them away for free.