"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 very sad, very sad indeed. Detroit has always been known to have some bad areas and such, but over all it has been a thriving city, just like New York, Philadelphia, Atlanta, Los Angeles and so on.
I seriously can't believe you could buy a home for as little as $100, and actually just offer $10 and it be accepted/deemed as enough.
Someone with a kind heart & some money needs to buy these homes, refurbish them, and sell them back to the people for a cheap price. But that will never happen, more than likely the state and/or large corporations will buy these homes up and try and make way for whatever they need, let it be a parking lot, a new industrial complex, a government building, etc...
www.telegraph.co.uk
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