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Detroit family homes sell for just $10

Detroit family homes sell for just $10

London Telegraph
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.

Read Full Article Here

 

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http://www.youtube.com/watch?v=XmFzgWn-tYA

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1 Comment so far
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While the press has not discussed it, Obama’s health care bill will force unaffordable health insurance costs on Americans that will disqualify millions of home buyers getting home mortgages. Many homeowners will not be able to pay both forced health insurance costs and their mortgage. Obama claims he wants to stop the huge number of home foreclosures, but costs of forced health insurance will destroy most Americans’ largest single asset and their dreams of owning something; mandated health insurance will increasingly cost more, disqualify home buyers getting loans. That could prove disastrous for banks because qualified mortgage borrowers are needed to stabilize home values that now secure $Trillions in bank held mortgages. Is Obama trying to economically collapse America?

Falling home prices are now causing County Governments to increasingly realize less collected property taxes; forcing counties to layoff government employees to meet expanding budget restrictions.

Comment by Rwolf




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