Is the housing market bi-polar?

I read the most intersting article today in  Castanet about the US housing market.  In the good ol’ motorcity,  Detroit Michigan, the rich are standing in line to purchase  high end waterfront mansions while 15 minutes away, a single family home with 3 beds sold for $6000.00  Apparently there are 2 housing markets, one for the wealthy and one for everyone else!  Almost a quarter of the US owes more then their home is worth, another quarter has less then 20% equity in their home and this is stagering, almost half couldn’t get a mortgage today!  While wondering through the Detroit airport the writing on the wall as well as the PA  system is now  in Chinese well as English.    Looks like the auto industry is regaining some lost footing! Hopefully the housing market for Joe and Susie Public will follow suit.