When Is a House Worth Less Than a Car?
In Detroit, the average price of home sales is less than what you’d pay for a good used car. UCLA economics professor Matthew Kahn points out that you can buy 100 Detroit homes for the price of one house in Westwood in L.A. “Is this a good deal?” Kahn wonders. Maybe if you turn them into an artists’ utopia for you and your friends — but not if they’ve already been reclaimed. (HT: Marginal Revolution) [%comments]