Housing in the city of Detroit is cheaper to buy than new cars

There's more evidence that the city of Detroit and its residents are suffering from a myriad of serious problems.  Take a look at the cost of housing as mentioned by MI Republican Chair Saul Anuzis in his blog "That's Saul, folks!"

In his post, he includes a story from Reuters about the huge number of home foreclosures inside the Motor City.  Auctioneers are having trouble getting bids that would equal the cost of most new cars not built overseas.

Check this fact from the story:

Prices have gained less than 2 percent per year in the five years since 2001, when the auto industry entered a renewed slump.

Technorati Tags: Detroit, housing, Michigan Republicans, Saul Anuzis
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