Whoa, Detroit is cheap, probably spells doom for hospitals

Directly below this post is a link to a story from The Wall Street Journal that describes the plight of an urban Detroit hospital.

The Detroit Free Press outlines what may be one of the contributing factors (via Richard Florida):

Driven down by sales of foreclosed homes, median sale prices fell 34% in metro Detroit in September compared with a year ago, dipping below $10,000 in the city of Detroit.

The median price on a house or condo sold in Detroit last month plummeted 57%, to $9,250, from $21,250 a year ago, according to figures released Monday by Realcomp, a multiple listing service based in Farmington Hills.

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