This according to the Chicago Tribune. Buy now, and when the Big Three come roaring back, spurred on by the completely recovered economy and the generous federal bailouts, you too can become a filthy-rich real-estate mogul. For the price of a Chevrolet, you can be the owner of not one, not two, but three properties, ready to rent, assuming the interior fixtures and wiring haven't been stripped for salvage.
“It may be tough to get financing for a new car these days, but in Detroit you can buy a house with a credit card.
The median price of a home sold in Detroit in December was $7,500, according to Realcomp, a listing service.
Not $75,000. Remove a zero—it’s seven thousand five hundred dollars, substantially less than the lowest-price car on the new-car market.
Of course, at the rate things are going, for the price of that Chevy, you may well be able to buy General Motors. You should be able to make a tidy profit, stripping out the interior fixtures and wiring and selling it for scrap.