Detroit Housing Datapoint of the Day

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Market Movers

by Ryan Avent

Main

Ben Bernanke, Revisionist The Unreassurable Markets

Oct 15 2008 2:22PM EDT

Greta Guest reports:

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.

No, that's not a misprint:

"We are seeing that low end of the market sell quicker. If you have a $75,000 house in the city of Detroit, there are not a lot of buyers for it," Elsea said. "But if you have an $8,500 house, it sells very quickly."

I'd love this to be a pop-quiz question for the presidential candidates at their debate tonight: "What's the median sale price for houses and condos in Detroit?" It would give a good indication of how in-touch each of them is with the real travails of Middle America.

(Via Florida)

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