I think you will find that the housing market is not going down much more. If they do drop to silly lows then I for one would be happy, £250k houses for £40k each....time to buy 3 or 4 and hold onto them.
Yep the stuff in Detroit is amazing, wish I had the time to go over there and have a look to see what the areas they're in are like.........a lot of them look like pretty nice houses so can't see the downside to buying a few of them............
Not really amazing at all. Now America's poorest city, where of the 850,000 residents, 80% are black. White flight has hit the city for the past 40 years, heading for the suburbs. In fact, 1,000 people a week are leaving Detroit for the suburbs. Downtown developments have been frozen due to lack of funding. The big houses selling for less than 40k are in nice neighbourhoods (such as Boston Edison), but you walk two blocks in any direction and you are surrounded by poverty, and crazy crime levels. Detroit's mayor got jailed for perjury. You'd have to be pretty brave to invest your cash in a town that has basically been abandoned.