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).

Sullivan's View from your Recession

Andrew Sullivan has been posting letters from readers about their recession experiences. I felt bad for this couple, who has made a lot of cuts (selling car, using less heat), until I read this:

"We are taking on boarders, renting our downstairs rooms (cutting our living space from 2400 to 1500 sq ft for ourselves and our two children.)" (emphasis mine)

BooHOO. I'm sorry you only have a spacious 1500 sq ft for a small family of four. I will be CERTAIN to cry in my cornflakes over your loss. Seriously, that's great they're cutting corners and being responsible, but don't play violins over 1500 sq ft. That's a lot to a lot of people.