Detroit Is in Recovery!
Seriously, the housing market there is sizzling:
"What we know is that during the housing boom, Detroit did not do nearly as well as the rest of the country, and suffered more on the way down," said Craig Lazzara, senior director, S&P Dow Jones Indices. "But it's had a much bigger bounce off the most recent bottom."
Increasingly, it's a tale of two Detroits, the beleaguered city in bankruptcy court with few jobs and abundant vacant property, and the larger metropolitan region bouncing back gradually with falling unemployment and rising home sales.
But the upswing in the market touches few places in the city of Detroit, where state-appointed leaders filed for bankruptcy protection in July, citing an estimated $18 billion in long-term debt. Sales in the city of Detroit fell last month 13%, compared with the same month a year ago. The median sales price of a home in Detroit last month was $11,000.
Did I forget to mention the recovery only applies to people who were already much better off? Funny how it always seems to work that way the last few years.
The wealth effect for me, but not for thee.