Homes selling for $100 in Detroit
Yes, $100.
And these are just the numbers up to October. Chances are, prices have dropped even further by now. The composite drop for L.A., where we moved from in Jan 2007 was 8.8%. However our agent there told us a few months ago if he were to put the house on the market then, it would be at 10-15% less. Plus, when we moved (right before subprime hit), there were few if any foreclosures in the area. Now there are dozens. Yikes.
Seem like homebuilder stocks will have further to drop. How can they compete pricing new homes against forced sales at bargain prices (assuming there are any buyers…)
