The Reasoned Review

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Homes in Detroit Sell for $10

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Being a Metro-Detroiter myself, this make me cry:

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 knows that is impossible to ask.

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Written by pavanvan

March 15, 2010 at 3:19 pm

Posted in Economy

Tagged with , , ,

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