Wednesday, February 23, 2011

Detroit's Decline

The median value of owner-occupied homes in the Detroit metropolitan area was just $120,000 in 2009, down from $159,993 in 2003.

One in five homeowners in Detroit is underwater on their mortgage, meaning they owe more than their home is worth. In 2003, only 1 in 63 homeowners was underwater.

Source: American Housing Survey, Metropolitan Data

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