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.
- A d v e r t i s e m e n t
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.