Friday, April 6, 2007

After yesterday’s stitch-up, here’s some good news!!!

A house costs less than a car in Detroit

The mortgage crisis in America has deepened so much that family homes can now be bought for less than £15,200 - the price of a new car. A four-bedroom home near the original Motown recording studio in Detroit recently sold for £3,700 ($7,000), less than most used cars. A boarded-up bungalow fetched £685, and a three-bedroom house listed for £276,000 attracted just £69,000.

Posted by tyrellcorporation @ 09:02 AM (449 views)
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One thought on “After yesterday’s stitch-up, here’s some good news!!!

  • Cheekie Charlie says:

    Ahh yes this reminds me of the time I worked in properties in possession for the former Leeds Permanent Building Society in 1995 mopping up the last housing crash. If you time ed it right you could get at least a 70% reduction in the purchase price because the Society was desperate to get all this housing stock off their books which was costing them a lot of money which they consequently passed on to the victim’s shortfall.

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