Detroit files for bankruptcy

[Jake D]

15 Houses In Detroit You Can Buy For Less Than $500

Are they all cheap because they are all tilted to the right? Earth movement?

 

[D.T.]

$39? Do they take paypal?

But seriously, can someone clear this up for me, what other costs are to be expected? I read something somewhere about "Back taxes" and something else about land tax/leases...

Back taxes are the equivalent of our council rates I think, where a person hasn't been paying them you inherit them when you purchase.

 

[redwing]

Considering the population has halved - that's a lot of empty offices, homes and facilities to sell off ... to whom ... ?

Really, there is nothing else at Detroit to suggest it may recover in the future, such as a port, tourist destination, minerals ...

As per Hobo's post and other re the 1950's I just had a quick look at an article in Forbes

Detroit

• America’s Most Dangerous City in 2012 (4th year running)
• $18.5 Billion owed in long term debt
• Unemployment at 16% (double the national average)
• Population of 700,000 (down from 1.8 million in 1950)
• Estimated 78,000 buildings vacant
• Estimated 100,000 residential properties vacant
• Foreclosure filings at a high
• Institutions and individuals have been snapping up properties for as little as $500 in property tax lien sales.
• Median price of $40,000
• 1,052 violent crimes per 100,000 people, according to the FBI.

Interestingly Realtor.com found Detroit listings received the most traffic from Australians