Housing prices plummet in Detroit

© Joel Nash
Mar 22, 2007

Due to high levels of unemployment, an ailing automotive market Detroit properties are rapiding being foreclosed upon and prices continue to fall.

Evidence of the recent collapse of the Detroit Real Estate market has never been more evident. Continuing cutbacks in the automotive sector has caused an exodus out of the city. A city that was once a vibrant, and productive piece of the American cultural framework is beginning to fade into the night.

High levels of unemployment and declining sales in the automotive sector are the root cause of the issue.