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<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Author</th> <th class="thCornerR">Message</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Mon, Mar 19 2007, 8:38 pm EDT<span class="gen"> </span> Post subject: Houses cheaper than cars in Detroit</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">DETROIT (Reuters) - With bidding stalled on some of the least desirable residences in Detroit's collapsing housing market, even the fast-talking auctioneer was feeling the stress. <br />ADVERTISEMENT <br /> <br />"Folks, the ground underneath the house goes with it. You do know that, right?" he offered. <br /> <br />After selling house after house in the Motor City for less than the $29,000 it costs to buy the average new car, the auctioneer tried a new line: "The lumber in the house is worth more than that!" <br /> <br />As Detroit reels from job losses in the U.S. auto industry, the depressed city has emerged as a boomtown in one area: foreclosed property. <br /> <br />It also stands as a case study in the economic pain from a housing bust as analysts consider whether a developing crisis in mortgages to high-risk borrowers will trigger a slowdown in the broader U.S. economy. <br />... <br /><a href="http://news.yahoo.com/s/nm/20070319/ts_nm/usa_subprime_detroit_dc;_ylt=Aov5dA96IapEm53NtFaK6N0EtbAF" target="_blank">http://news.yahoo.com/s/nm/20070319/ts_nm/usa_subprime_detroit_dc;_ylt=Aov5dA96IapEm53NtFaK6N0EtbAF</a></span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> </table>
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