The only major market that may be faring more poorly than automotive during this economic recession is housing. While cars just aren't selling, homes aren't selling and they're dropping in value by 30% or more. Unlike the auto industry, though, home sales actually increased by 6.3% versus December.

The reason for the sales spike has a lot to do with the amount of foreclosures on the market right now, with over 20% of all homes selling for $100,000 or less. Many homes have dropped so far in value that they're now worth $20,000 or less. We're not necessarily talking dilapidated goods, either. In some cases, a brick, 1,100 sq. ft. home in the Midwest with three bedrooms and two bathrooms can be had for the price of a meagerly equipped Toyota Camry. About five years ago, that same home could have cost more than a Aston Martin V8 Vantage. It seems like just yesterday when people were offering up free cars as an incentive to buy a home. Soon it will be the other way 'round! Thanks for the tip, Pete.

[Source: ABC News | Image: MSN]


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • From Our Partners

    You May Like
    Links by Zergnet
    Share This Photo X