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Houses in Detroit cheaper than cars March 20, 2007

Posted by Al in : scary , trackback

I’m not one to gloat when the American economy falters in just the way it is now – honest! However I can’t help but blog this article on house prices in Detroit falling lower than the price of an average new car. Surely American economists must be worried when freehold property is worth less than a car, and surely this must be a sign that America is about to plunge into a huge slump. But the worst thing is that there are probably still Americans who can afford to buy these properties and are doing so, thus exacerbating the divide between the ‘have’s and the ‘have-not’s.

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