Real estate agent Tim Prophet outside of 14301 Maiden Avenue (2nd House from right), which can be purchased for $10 in Detroit, Michigan, United States Photo: BARCROFT MEDIA
The once thriving industrial city has suffered a dramatic decline following the global economic crisis.
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.
"This part of town has got a lot of bad press in the media because it featured in Eminem's film 'Eight Mile', but that particular road is fifteen minutes up the road and that is a long way in Detroit."
Homes offered in viewing brochures as early 1920s example of colonial architecture would once have made handsome homes but are no longer sought after.
Mr Prophit, of The Bearing Group, said: "This house was foreclosed by the bank a couple of months ago and was offered to us to sell.
"But we can only put the boards up on the windows to protect the property, we can't be here 24 hrs a day to stop the squatters and the crack addicts from moving in.
"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.
thanks w bush for leaving the borders open after 911, that is why all of this is happening
ReplyDelete@7:55 PM
ReplyDeleteYou are clown. It is happening because your country first allowed a gang to prnt money in 1913, and then in 1971 allowed the same gang to remove your country from gold standard. The rest is just symptoms. How did this happen? Because of clowns like you.
Very interesting. These comments and the commentary from previous articles are the exact reasons we will be slaughtered later figuratively and literally.
ReplyDeleteOur enemies have already divided us, it is now a simple matter to conquer us.
The empire is in deep, deep trouble.
Give Obama time he said during the campaign he would revitalize the rust belt...
ReplyDeleteIn Afghanistan ,said to be a a failed state , but now policed by foreign armies of the North Atlantic Terrorist Organisation there are many areas whose principal commercial activities appear to be drug dealing . And housing property that has been damaged by war is not worth much and underemployment is every where .
ReplyDeleteIn come areas of another country also said to be a failed de - inustrialise-ing bankrupt state, sometimes referred as Zombiestan , the principle commercial activity in some areas of Zombiestan is also said to be drug dealing such as in the once industrial powerhouse city of Dirtroit .
Housing property damaged In the financial war waged by globalist free trade is not worth much either and sells for third world prices , and underemployment is also everywhere .Maybe NATO is needed as the local Zombies are extremely passive and demoralised and simply allow themselves to be robbed by the counties financial warlords .
The Zombies sinmply blame each other for their
problems so it is expected that each group of zombies will soon attack each other to solve the problems they all share, one group of morons fighting other groups of "Morons"
in a desperate attempt to rebuild the traditional credit funded consumerist lifesyles of Zombiestan.
806 is a clown and I have history with his mama
ReplyDelete@10:15....806 is a clown...he is only one to have posted anything based on fact on this thread.... its because of dimwits like you that US is in a mess... The fed and their cronies at Goldman Sachs have raped US citizens through boom and bust since early 20th century... I would suggest you read some history
ReplyDeleteI know history, but there is far more to it than the fed, the military industrial complex has bled billions if not trillions from our economy as well
ReplyDeleteWhat do you think about the kids today?
ReplyDeleteThe 16,17,18 year olds?
The 15,14,13 year olds?
The 19 and 20 and 21 and so on year olds?
Do they look like the type of people that will accept 'being poor' to you?
it does not matter, they will be poor period, nothing can be done about it, their best hope is, do you want fries with that shake
ReplyDeleteNobody is fighting back,too many wimps,even the President is a girly man.
ReplyDeleteA $10 house with $3,000 a year taxes on a total POS? No thanks.
ReplyDeleteAnonymous said...
ReplyDeleteI know history, but there is far more to it than the fed, the military industrial complex has bled billions if not trillions from our economy as well
March 12, 2010 11:44 PM
Who do you think provides the multitrillions that the industrial complex needs to survive? The income tax base in the U.S. is only $780 billion a year and $3 trillion has gone to fighting in Irag and Afghanistan alone. War is profits. No one knows that better than the Rothchilds who control the Fed and have been profiteering from War since Napoleon. The U.S. has been nothing but a social experiment for the Rothchild's since they were kicked out of London in the late 19th century. They found a home in the U.S. in a cloak of secrecy and have inflated that country through their fiat currency to heights never seen in an industrialize country. But it is all based on a debt foundation that is unsustainble and one bubble after another until the final bubble being the currency itself implodes and with it the country as we know it. Americans living standard has always been a mirage.
"Give Obama time he said during the campaign he would revitalize the rust belt..."
ReplyDeleteYou are kidding, right? Two things. The last rigid ideologue that severed a vital artery was that anti-American globalist, FDR. Read Atlas Shrugged...something I am loathe to suggest to someone who actually believes that the current ideologue infesting the White House can actually make a (positive) difference.
Amazing post EA!
ReplyDeleteRelatively speaking, if a $40k house sells for $40 (I need to keep the math simple lol), that implies a $400k house is worth $400, a $4 million house is worth $4,000 and so on.
While declines in home values nationwide have not been 99.9% as dispayed in your Detroit post, we know with certainty that whatever those regional declines are, they are not being accurately reflected by the banks....
Once a thriving powerhouse of US industry might Detroit started into decline shortly after the riots of 1967. Since gaining the power base black politicians "running" city government have been full of scandal and criminal rift. This is the result of their handy work.
ReplyDeleteHaven't y'all heard, everything is free now! Obama says nobody has to do anything anymore. I saw the UPS delivery truck on my street the other day so I know I'm close to getting my Obama Free Stuff any day now...LOL! How's that whole hopey - changey thang work out for y'all? LOL! Bush may have caused some of this mess but the O-man has made it much, much worse by printing all of this worthless money!!
ReplyDeletehow is that beer you wanted to have with bush working out? His wars have bankrupted this country, Lol and I think our 6000 dead soldiers based on fake wmd is good dead soldiers LOL!
ReplyDelete8:54 Bush and Obama print worthless money. Now thousands and thousands of retirees who are broke, photocopy money to screw back governments.
ReplyDeleteDO NOT FILL OUT THE CENSUS FORMS THEY WILL BE USED AGAINST YOU WHEN THE CRACKDOWN COMES, TOLD SO BY A FRIEND IN THE GOVT.
ReplyDeleteUnless you sign for something there really is no way they can prove you ever got it. Study the questions closely, then tear it up.
ReplyDeleteTell the census only the number living at the address. Maar your race as "human." Nothing more to the government racists, Obongo will the using the race data to screw over the white man.
ReplyDeleteI disagree with 2:15pm. I think the government will use the census date to screw over the black man like they always do.
ReplyDeleteYou think just because 'the president' is a black man that somehow the policies of the government towards white/black are going to change?
C'mon.
Lemme see - they are selling homes for $10.
ReplyDeleteIt musta cost much more than that to foreclose.
So this foreclosure thing is just a bonanza for the lawyers.
Why couldn't they just cancel the debt for the original owners for $10. The lawyers would hate it.
To 7:04: You made a lotta great points.
ReplyDeleteWhat does it matter - they're only taking away freedoms you don't have. If you live in Detroit, considder yourself somewhat luckey that you aren't trapped in the Government-spawned mouse maze of eternity - You can litteraly do whatever you please in Detroit. Stupid cops, 40 fires a night, the only people that care about money are the people who are rich or have never robbed a shop.
ReplyDelete