(H/T – Jib over at the BBA)
Due to decades of high crime, high taxes, and high unemployment colliding with rising interest rates, Reuters is reporting houses in Detroit are routinely selling at auction for less than the average price of a new car. Realtor Ron Walraven, who had a house in a suburb of Detroit he listed at $525,000 go for $130,000 at auction, has the money quote at the end of the article – “Once we’ve seen the last person leave Michigan, then I think we’ll be able to say we’ve seen the bottom.
For those that haven’t been paying attention, Milwaukee has suffered through decades of high taxes and high unemployment. Now, we’re suffering through historically-high crime. With everybody in government other than Milwaukee County Executive Scott Walker thinking that taxes aren’t high enough, there will only not be a reduction in the growth of taxes, but there will not be any solution to the unemployment crisis. Thanks to Milwaukee Mayor Tom “Milk Carton” Barrett’s refusal to acknowledge there is a crisis of crime, even those few who long for the days of the USSR won’t move in. It’s only a matter of time before Milwaukee follows the death spiral that Detroit is going through.
Revisions/extensions (7:50 pm 3/19/2007) – Bob Dohnal expands on the failure of leadership in Milwaukee. Go, read.
