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…