Detroit homes sell for $1 amid mortgage and car industry crisis

March 3, 2010 · Filed Under Uncategorized 

One in five houses left empty as foreclosures mount and property prices drop by 80%

Some might say Jon Brumit overpaid when he stumped up $100 (£65) for a whole house. Drive through Detroit neighbourhoods once clogged with the cars that made the city the envy of America and there are homes to be had for a single dollar.

You find these houses among boarded-up, burnt-out and rotting buildings lining deserted streets, places where the population is shrinking so fast entire blocks are being demolished to make way for urban farms.

http://www.guardian.co.uk/business/2010/mar/02/detroit-homes-mortgage-foreclosures-80

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