We learn from the U.S. housing crisis, all by astronomical If depreciation of the banks. But as the whole of reality and look for the people, of whom we learn very little. Which makes this article Detroit News so special:
impact of foreclosures: Houses go for $ 1 off
Detroit - For a dollar you get a large Coke at McDonald's, a used VHS tape at 7-Eleven or a house in Detroit.
The fact that a house was on the east side of town recently listed for $ 1 shows how much the housing market is in one of the poorest cities in the U.S. under pressure.
The sale price of the house may be an anomaly, but illustrates both the depth of the mortgage crisis in Detroit and the rapid decline of the houses in one of the most impoverished neighborhoods of the city.
The house, at 8111 Traverse Street, a few blocks from Detroit City Airport, was the most beautiful house of the block when it was purchased in November 2006 for $ 65,000, said neighbor Carl Upshaw. But the house was last summer, back to the bank, and it was not long until "the Geier arrived, "said Upshaw. "The wall paneling was the first thing that came off. Then they took the fence. Then she collapsed, and took everything with them. "
The company, which had been commissioned to manage the house and sell it, the Bearing Group barricaded the house with boards, only to see that the boards were stolen, to barricade to another, abandoned house nearby.
crooks ripped out the copper pipes, took the furniture and lamps and anything else of value, including the Küchenspühle.
"It makes no sense to throw the family," said Upshaw. "Once the people once away, they will lose the house in the area. "
On Tuesday the house was wide open. The doors leading into the kitchen and the basement were missing, and the windows on the front had been smashed. The grass grew up to chest height, and charred remains marked the spot was at the recently burned the garage. came
When the house in January for $ 1,100 in the market, it had no other prospects than the squatters who stayed there for maybe one night. Faced with a tax debt of $ 4000 and a high level of unpaid water bills, reduced the bank, which owned the property, the price to $ 1
While a price of $ 1 is not unusual when property is transferred for legal reasons, it was Colpaert for Kent, the real estate agent, surprising and unsettling, it lists for $ 1 at various points.
"I've never seen a house that was listed for $ 1," Colpaert said.
"But it was hit hard, it's nurmehr a bowl."
On Tuesday, Realtor.com listed another house, a detached house and a vacant lot for every $ 1 in Detroit.
sales for a dollar, the financial Stemming from the mortgage crisis, said Anthony Viola of Realty Corp.. of America in Cleveland.
lenders that unqualified buyers during the peak of the subprime market gave loans now find themselves as owners of whole neighborhoods back empty, dilapidated houses.
"No one has much sympathy for these banks, the subprime lending," said Viola. "And in some cities like Cleveland, let the judges not on these estates sit -. They order them to demolish the houses or sell"
The bank, which had 8111 Traverse Street, was so desperate for the property to get rid of that they agreed $ 2.500 commission fee and pay another $ 1000 for the completion of the $ 1 sale, the bank also will pay $ 500 of the buyer's expense. There are also tax bill and water bill, and get rid of the house, the bank will cost about $ 10,000.
"It makes no sense to pay some neighborhoods continue to cost about costs," Colpaert said. "It may make more financial sense to give it away."
refused to name the name of the prospective buyer, because the business was not yet complete. The broker said the buyer had agreed to pay the full list price of $ 1 and plans to pay cash.
The buyer, a local woman sees the house as an investment and will not live there, Colpaert said, though it is uncertain how quickly the investment of $ 1 pays for the buyer. Replacing the installations of the house will cost ten thousand dollars, and the owner will have problems that deter looters stealing the improvements as soon as they are installed. The demolition costs $ 5,000, Colpaert said.
same time, the new owner $ 2,009 will have to pay 3900 property tax, unless they arraigns the decision.
While it is unusual is that homes are sold for a change, which most people find in their couch crack, sold some abandoned houses in Detroit for $ 100; empty land can be bought for $ 300.
"My 14-year-old son could buy a whole block in Detroit," said Ann Laciura of the Bearing Group.
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