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21st Century Depression: $Detroit First U.S. City To Buckle$
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by PAIR A NORMAL GUYS INC | January 2, 2009 at 01:56 pm
479 views | 30 Recommendations | 17 comments
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21st Century Depression: $Detroit First U.S. City To Buckle$
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With a 21% unemployment rate hitting Detroit, Michagan, United States of America even before the pending doomday closures of all North American branded based automobile manufacturing facilities is a sign of how bad things really are. In Detroit a city that solely survives on the auto industry, will be strangled into extinction if this infact does occur. Ford, GM and Chrysler all have major assembly plants and factories in Detroit.
Even the local criminals in Detroit are feeling the pinch, with no valuable targets to aquire many have said that they would rather stay in jail rather then roam the streets of Detroit. Food bank usuage is on the rise for many. The avarage cost of a home in Detroit has hit a low of $18,513, many cars and trucks are worth more then a home in Detroit. Sad but very true, this is a possible foreshadowing of the situations severity across the board. As a Canadian, and a neighbour to the United States, I feel a sense of urgency especially when the trickle down effect happens with our combined economies. Canada will surely follow suit of any American economic collapse within a short time after. The ultimate outcome is an all out depression that will destroy many cities , states, provinces, and countries around the world.
Watch this informative video on the current Detroit situation
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Most RecentMost Recommended Comments (17)
at 14:02 on January 2nd, 2009
the media really doesnt tell you how bad it is huh thanks paira
at 14:28 on January 2nd, 2009
Actually, the average home value is about $126,000.00.
Here's the stats:
http://www.homeinsight.com/home-value/MI/detroit.asp
Let's hope Obama can get some money flowing in the name of jobs.....if Mitch McConnell doesn't try to throw a monkeywrench in everything he tries to do.
That YouTube video guy is a real estate investor...he probably wants people to invest in REITS or something....
(Hey, can I sell you this nice bridge I have in Brooklyn?)
Things are not QUITE that bad in Detroit YET.
21% unemployment?
I wonder where he got that number?
at 14:51 on January 2nd, 2009
ok alida then explain this home for $8,900 U.S. in Detroit
detroit.backpage.com/HomesForSale/_8_900_4br_brick_bank_owned_2_story_home_detroit/classifieds/ViewAd?oid=1034875
at 09:12 on January 3rd, 2009
I worked as a realtor in PA some years ago.
I sold a house for someone for $13,000.
Homes like that are everywhere.
There were also million dollars homes in the same county.
at 15:26 on January 2nd, 2009
art by alida Pair a Normal Guys Inc is not the only one reporting on this here iss another source article www.tribbleagency.com/?p=3598
at 15:31 on January 2nd, 2009
HI AGAIN ALIDA IF YOU DON'T TRUST THE YOUTUBE SOURCE THEN MAYBE MSNBC WILL SUFFICE. www.msnbc.msn.com/id/28327490/
HAVE A GREAT NIGHT
at 09:24 on January 3rd, 2009
I can't find where MSNBC got their unemployment numbers.
Here is what I found.
http://www.bls.gov/news.release/metro.nr0.htm
I believe this says the unemployment rate for Detroit is around 10%.
When I took economics in the early 1980's, the profs were teaching that NORMAL unemployment is around 8%.
Sometimes over the years that number seemed to be forgotten.
at 14:21 on January 2nd, 2009
Arrogant Canadians have been peddling a denial line for sometime now, claiming they alone in the world will avoid this mess. Only a population so stupid as to raise Naomi Klein to philosopher status would believe that hooey.
at 15:16 on January 2nd, 2009
IFFY NOT ONLY IS YOUR STATEMENT INGNORANT AND UNIFORMED IT IS CHILDISH AND FULL OF STIGMAS AND STEROTYPES. I AM CANADIAN AND I AM NOT ARROGANT TO THE ECONOMIC SITUATION OF THE WORLD AND AS FAR AS NAOMI KLIEN NOT EVERY CANADIAN CARES ABOUT HER SOME MAY NOT EVEN KNOW WHO SHE IS.
HAVE A NICE NIGHT
at 15:18 on January 2nd, 2009
you tell PAIR A NORMAL GUYS INC great post thanks happy new year to you
at 15:49 on January 2nd, 2009
awesome job , great post !
at 16:45 on January 2nd, 2009
I found that price hard to believe, so I went on mls.com and did a search, there were 924 houses (not condos) priced below 100,000, some as low as 10,000. This is such a shame ...
at 19:52 on January 2nd, 2009
I would guess the really cheap stuff are foreclosures and may have been vandalized and are in need of major repairs. I would be really surprised to find good houses going for that kind of money, although I wouldn't say it's not possible. I would also guess you have some areas with large numbers of foreclosures which would drive the price down for all the surrounding houses. It really is a sad situation when the banks kick out people who, given a chance, would take care of the house which then sits empty and gets vandalized, thus lowering the property value of that house and the ones around it. It seems to be a vicious cycle.
at 20:12 on January 2nd, 2009
iffy! ive beeen censored at times but i just want to let you know that we all live in this world together!! if any thing we should be working together!arrogant!! my lord really how arrogant would it be to ignore what really is happening and besides blaming canadians!! COMMON!! lol!
at 20:19 on January 2nd, 2009
alida!your opinion has never ceased to amaze me! first of all you could just at least once not be so offensive!look and research things before you go on a temper tantrum!
at 09:17 on January 3rd, 2009
I worked as a realtor.
I am only posting what I know.
You can find cheap homes in almost every city. Most of them need a great deal of work. The TV infomercials are full of people trying to sell people books on how to take advantage of the down market in real estate. There are sites which advertise buying homes for only $300.
My sister has a realty company in Florida.
She is on the verge of bankruptcy because of the housing fiasco and could lose everything she has worked her whole life to build.
Things are bad most everywhere, not just in Detroit.
at 21:42 on January 2nd, 2009
great story!