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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.

Full article here [1]

Detroit family homes sell for just $10 110310banner1 [2]

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URLs in this post:

[1] London Telegraph: http://www.telegraph.co.uk/news/worldnews/northamerica/7427691/Detroit-family-homes-sell-for-just-10.html

[2] Image: http://prisonplanet.tv/signup.html

[3] Detroit To Destroy 10,000 Abandoned Homes: http://www.prisonplanet.com/detroit-to-destroy-10000-abandoned-homes.html

[4] Distressed Homes Sell at 26% Discount in U.S. as Supply Swells: http://www.prisonplanet.com/distressed-homes-sell-at-26-discount-in-u-s-as-supply-swells.html

[5] Town hall threat to seize empty homes: campaign to force owners to sell or rent out: http://www.prisonplanet.com/town-hall-threat-to-seize-empty-homes-campaign-to-force-owners-to-sell-or-rent-out.html

[6] Detroit’s No-Tax Property Tax: http://www.prisonplanet.com/detroits-no-tax-property-tax.html

[7] Obama To Detroit: “No Bailout For You”: http://www.prisonplanet.com/obama-to-detroit-no-bailout-for-you.html

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