Detroit Goes Bankrupt

Monica Davey and Mary Williams Walsh, reporting for the NYT:

Detroit, the cradle of America’s automobile industry and once the nation’s fourth-most-populous city, has filed for bankruptcy, an official said Thursday afternoon, the largest American city ever to take such a course.

Update: How bad have things gotten in Detroit? Via Nate Silver, here’s a 2200 square foot home in foreclosure, on sale for $1.

★ Thursday, 18 July 2013