Saturday, May 15, 2010
[Also being discussed on Forum]
Telegraph: Detroit family homes sell for just $10
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.
Five years ago the average home price in Detroit was hovering around the $100,000 (£61,000) now that has fallen to $11,500 (£7,000).
Posted by cat-whiskers @ 07:49 AM (186 views) Add Comment
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