$100 for a house? I’m moving to Detroit

After living in London for a number of years, I have become desensitised to ridiculously high house prices. Just last week when a friend of mine bought a one bedroom maisonette in a dodgy part of the city for a quarter of a million pounds, we all congratulated him on getting such a great deal. Little did we know that for just $100 you can get a whole house in Detroit. This may be an extreme example but with property prices dropping by 80% to an average of just £4,900, it is clear that something is very wrong in the city. This article is fantastic and could be used on a lesson supply and demand to show how a change in people’s income can affect demand for houses. I hope to use it as a starter today to show the negative effects of unemployment.