GOING ONCE, GOING TWICE, SOLD TO THE MAN WITH A DECENT CREDIT LIMIT ON HIS VISA CARD

I'm no expert on automobiles, housing, or economics, but I'm gonna go out on a limb here and say the following indicates industry-wide & city-wide mismanagement: Reuters informs us that in Detroit, the cost of a car outstrips that of a house.

Apparently (and this really should come as no surprise), the combination of the failed local automotive industry, urban blight, and "rising cost of mortgage financing for Detroit borrowers with weak credit" is sending housing prices down faster than you can say foreclosure.

A closet in Grosse Point or Bloomfield Hills probably costs more than a house in Detroit city limits.

I'd like to dig further for some snarky commentary, but this really is no joke. People with almost nothing are losing their last shreds of wealth or savings. And the city that once upon a time housed America's manufacturing muscle continues its 40 year slide into the third world. And most ominously, that particular manufacturing sector marches without pause into irrelevance and decay.

Lots of cities, most notably Green Bay, have claimed the nickname, Titletown, U.S.A. I think it should be Detroit, where one can get title to a house at an auction with a checkbook.