What is it that makes property values disappear?

I was trying to catch up on my blogs reading, and one of the articles by James H at SFE, suggested a few options of “what you can with $1,500.” The one which caught my eye was “own your very own home.” I followed the provided source link and found that there are plenty of homes in Detroit in the sub $10k range. In fact, the statistics chart shown at the source page reveals that the average home SALE price in the city of Detroit has dropped from $70K in April of 2007, to less than $40k at the beginning of this month.

In 14 months, Detroit average home prices dropped 45%.

Lets take a look at the events which have happened in the very same time frame.

1. The Michigan Legislature enacts a Business killing tax, and the Governor EAGERLY signs it.

2. Detroit Mayer Kwame Kilpatrick is busted, and his defense costs Detroit taxpayers Millions (of police funding?).

3. Monica Conyers is shown to be a truly classy person by berating a little girl who asked about her behavior in the council meeting.

4. Obama FINALLY shows his face in G R Michigan, as does Reverend Wright in Detroit

5. The Climate crowd gets the Governor to accept the Center for Climate Change as policy initiators.

6. Minimum wage laws which are higher then the national Minimum wage laws go into effect.

I had originally intended to go into each of these and elaborate, however the term “Ipse Loquitor” applies here as these items truly “speak for themselves.” and.. Being a lazy Sunday afternoon, the sun is shining…

3 comments for “What is it that makes property values disappear?

  1. August 4, 2008 at 7:52 am

    Saddest part is, there’ll be much more cheap housing before this is all said and done… voters in Detroit remain beholden to the Democrats despite forty years of failure and disintegrating economies and communities.

    In psychological parlance I think it’s referred to as the “Helsinki syndrome.”

    –Nick
    http://www.RightMichigan.com

  2. BrokenGov't
    August 4, 2008 at 1:16 pm

    You are looking at this from the wrong side of the issue. This is all positive. The lower the values of homes in Detroit the more affordable they are for all those poor, downtrodden, trapped, descriminated victims of society and George Bush.
    The huge number of homes available give those buyers a choice like never before. Many homes have vacant lots next door from previous dwellings and many more have vacant homes next door so there is space and no neighbors. The average price of a home is now less than the Escalade.
    This has all been brought about by the functioning of 40 years of the liberal, socialist, Democrat experiment. Add the help from hostile unions, the tax burdens, crime and flight from the city. This all the outcome of what the people wanted, nay demanded. The real estate market in Detroit is the fruition of decades of work by many groups and individuals and the Democrat party working hand in hand desperately trying to achieve these results. They have won and all that they pushed so hard for has arrived to crown their correctness. I am sure there is a victory celebration planned in the future where they can bathe in the results of administrative tyranny that enforced the laws and rules to achieve this goal. Especially since most of their victory is the result of millions or billions over time being poured into the mix from taxpayers from the entire State and the Feds. This entire scenario is to be celebrated and held up as an example of how excellent the Democrats, unions, city government, state government, federal government, social programs, government schools and hundreds of other benefits that have been fawned upon this city of example to the world. Remember, most things in life are a matter perspective. With the right frame of mind you can easily see how this is a positive for the taxpayers and residents of the city. This applies to the rest of the State also for a time revelry, as thay can now all witness the results of their dollars spent in the manner that finally shows how things should be done. OR NOT!!!!

  3. August 4, 2008 at 9:52 pm

    People forget that it used to take 5 years to foreclose for taxes as long as you were making an effort to pay. The legislature messed that up too. Now the houses are foreclosed after two years. Corruption and greed on all levels of government has deprived taxpayers of the services and and jobs necessary to maintain property value. If more people do not wake up soon we might be at the point of no return.

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