That is bleak.

The housing market is unbelievably bleak in Detroit. In 2008, it was cheaper to buy a car than a house in Detroit. In the first half of the year, the median house price was comparable to a decent new car: $19,448. (The picture below is through June 2008).



In October, it was still headed south: $18,513. (See 4th paragraph.)


For the month of December 2008, the median price of a home sold in Detroit: $7500. There are no missing zeros in that number. It is cheaper to buy a house in Detroit than it is for an in-state student to attend UMich for a year ($10,848, plus fees).