just in in-tray ... how de-industrialization can happen by market Force, and still even up the trade accounts
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meant it as a joke, but jeez, I could just be right.
Buy homes in Detroit, tear them down and sell the scrap copper, etc. and you own the land for free. Buy entire neighborhoods and convert them in to farmland at probably a negative land cost. Absolutely amazing....
Mac
From Barry Ritholtz:
People have tried to take me to task when I differentiate between stocks and houses. The half joking quote is "The difference between stocks and houses is, outside of Love Canal & Detroit, houses don't go to zero."
As you can see from the attached web page listings, that is only the slightest of exaggeration, as there are quite a few house in Detroit for sale at $100 each.
And, if you search for $0 - $5,000 price range in Detroit, MI, you will find 1,397 properties in that range, out of 20,881 properties for sale.
Why is "zero" only a sleight exaggeration? Renting an apartment (no property tax, no maintenance obligations, no heating costs) is cheaper in Detroit than owning a home -- even one that costs $100 . . .
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