Andrew Clark writes about Detroit

The princely sum of $1,250 would be enough to secure 14918 Stansbury Street, a three-bedroom brick house on a tree-lined street with a garden.

…

One industry, demolition, is thriving in the slump. On Stansbury Street this week, Frank Farrow, of Farrow Demolition, was hawking his services. He displayed a list of a dozen bank-owned properties which he was contracted to destroy in a week.

“A house like this, we could have it down in 15 minutes,” he says, eyeing the up-for-sale property at number 14918. The only problem? It will cost $4,500 to cart away the rubble and back-fill the foundations. For the banks, it is cheaper to give away houses than to knock them down. Source: The Guardian.

I don’t think the US housing market can get any worse than this – what’s in store for the UK?