Detroit family homes sell for just $10
Detroit family homes sell for just $10
He said there were homes on the market for $100 (£61), but an offer of just $10 (£6) would be likely to be accepted.
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"Detroit is a city in decline. We are known as the Murder Capital of America, because of the number of deaths each year."Mr Prophit said: "Since the subprime mortgage crisis and the collapse of Fannie Mae and Freddie Mac, the banks have been foreclosing on properties at an increase of 15 per cent every nine months.
"Last year my firm the Bearing Group dealt with 394 foreclosed properties which all sold for under $1000.
Five years ago the average home price in Detroit was hovering around the $100,000 (£61,000) now that has fallen to $11,500 (£7,000).
This is the future we have to look forward to. Detroit is the city in the coal mine. California is the state in the coal mine.