Monday, October 6, 2008

“Detroitification”

America's darkest fear: to end up like Detroit

On a quiet, tree-lined road near Detroit’s city airport, sits a house that was briefly the most famous in America. When the three-bedroom home at 8111 Traverse Street found a buyer last summer, the purchase price made headlines around the world — the house sold for one dollar, then worth about 50p. The unnamed buyer was a local woman who bought the house as an investment. Yet two months later, America’s spiralling financial crisis is wreaking so much new havoc in decaying property markets like Detroit’s that even a $1 house cannot be resold for a profit.

Posted by sold out @ 03:22 PM (776 views)
Please complete the required fields.



2 thoughts on ““Detroitification”

  • tyrellcorporation says:

    I’d love to buy a house for a dollar. Things WILL bounce back (maybe in 5 years) and this woman will be laughing. It reminds me of the derelict terraces up North which were being sold for £50 a house not that long ago. Those same houses 10 years later were going for over £100,000 each.

    Reply
    Please complete the required fields.



  • i wonder what part of the UK will be our equivalent to Detroit? Anyone have any predictions?
    This article also highlights that perhaps Japanese Uncles predictions for 90% falls could happen over here, maybe.

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>