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Detroit family homes sell for just $10

Posted By admin On March 12, 2010 @ 11:39 am In Money Watch | Comments Disabled

London Telegraph [1]
March 12, 2010

Family homes in Detroit are selling for as little as $10 (£6) in the wake of America’s financial meltdown.

The once thriving industrial city has suffered a dramatic decline following the global economic crisis.

According to Tim Prophit, a real estate agent, the crisis has led to a unprecedented portfolio of homes, but they are failing to sell.

He said there were homes on the market for $100 (£61), but an offer of just $10 (£6) would be likely to be accepted.

Speaking on a BBC 2 documentary, Requiem for Detroit, to be screened on Saturday, Mr Prophit said: “The property is listed by the city of Detroit as being worth $35,000 (£22,000), but the bank know that is impossible to ask.

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