Detroit Housing Goes Boom

Detroit, MI, was once a thriving metropolitan. Those times are long over, but I was truly shocked by the housing numbers in Mickey Kaus' blog:

For the three months that ended in January, according to Trulia, the median sales price was $10,000.

This is down 79.8% from the same time last year. I've only been to Detroit once, and it was truly a depressing city. Empty lots, boarded up houses, mattresses and refrigerators abandoned on the street. The people I met were great. Tons of great music hails from Detroit. Hardship and cold weather seem to provide fertile ground for great art. The failing of the Big Three automakers only makes things worse. It's hard not to think poor management hasn't led directly to the dying of a proud city.
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