Yeah. You read that right. It’s from a Chicago Tribune article that has been making the rounds in the Real Estate.net world the last couple weeks. I read the article recently. I have always liked Detroit – old school, big, blue coller, Midwestern City with an interesting downtown, waterfront, and a MLB team. Yikes though.
Columbus has seen some economic problems of late–the city budget cuts and our share of foreclosures and short sales, but we are, to some degree, a bubble unto ourselves thanks to some major employers and state government and the largest University in the country. Here are some of the quotes from the Tribune article:
The problem is more than a $300 million budget shortfall, said John Mogk, a professor at Wayne State University Law School.”A thousand people are leaving the city every month,” Mogk said, “and the city does not have the financial resources and the economic base to solve its own problems.”
The median price of a home sold in Detroit in December was $7,500, according to Realcomp, a listing service.One-third of the population lives in poverty, and almost 50 percent of children are in poverty, according to data from the Detroit-Area Community Indicators System. Median household income has dropped 24 percent since 2000, according to the Census Bureau.
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t. It’s from a Chicago Tribune article that has been making the rounds in the Real Estate.net world the last couple weeks. I read the article recently. I have always liked Detroit – old school, big, blue coller, Midwestern City with an interesting downtown, waterfront, and a MLB team. Yikes though.
