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By A Smith (anonymous) | Posted February 03, 2013 at 16:49:54 in reply to Comment 85786
>> For 50K in Detroit you don't add on, you buy a bigger house
From the article..."Detroit has been losing inventory and losing population for a steady period, so the number of properties on the market are reflective of that"
High tax rates on "new" investment (which is what property tax rates are) make it less likely that people will make new investments. The result is a declining inventory of homes, which is what Detroit is suffering from. Sure, Detroit homes are cheap, but not because of increasing supply, but declining demand.
Homes in Hamilton's core are cheap as well, but like Detroit, it's because of the low demand, not because of an oversupply. In the US southwest, house prices have fallen as well. In that case, however, it was because home builders created a large supply of new homes.
If you were looking to invest $50k of new money, would you rather invest it where it your tax bill would rise $715/yr, or just $385?
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