Filed under: Big Banks, DEBT, deindustrialization, despotism, detroit, devaluation, Dictatorship, Economic Collapse, economic crisis, economic depression, Economy, Empire, Fascism, ghost town, global warming cult, Great Depression, Greenback, housing market, Inflation, middle class, real estate, US Economy | Tags: collapse of detroit, death of detroit, detriot extinction
Detroit family homes sell for just $10
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.
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