Living just 15 miles from Detroit, this data literally strikes close to home.
I understand that the education, crime, city-government and other issues that drive property values -- nonetheless, this is an alarming loss of wealth. With prices at this level houses are moving again. I wonder what will happen with prices so low. There have been communities revitalized by new blood drawn to cheap housing. That is searching for a silver-lining that may not be there.
I am more inclined to see this as the financial crisis striking the weak and vulnerable the hardest.
This is from Michael Perry's blog, who tapped the Michigan Realtor's for the data. I went to the realtor's site, and only found data for January. I don't know where Prof. Perry got his historical data.
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