$7500 for Average home in Detroit

You might think I'm missing a zero but I'm not. Though it is distressing it is true and shows just how bad things are in Motor City now. In my own county the average home price has dropped by at least 50% in the last year. I'm lucky because in the affluent area where I live home values have only dropped 14% here in California in the County where I live. But I worry for the rest of the home owners in the rest of my county. The ramifications of a 50% drop in the value of one's home is almost never ending.