Just read this article "Realestate Vertical Homes still selling for $1 in Detroit"
http://www.dailytelegraph.com.au/realestate/homes-for-1/story-fncv6x1p-1226559204461
Is it real? For those who understand the US real estate market well, could you please shed some lights on how this happened? Is it worth for us to buy these $1 or $500 houses in places like Detroit?
How much is the land tax per year for these houses that the owners cannot even afford keeping them? Is it impposible to rent out houses in Detroit?
If the article is right on "the city's population fell from the nation's 10th largest city to 18th", then I thought it's quite a big city in the US. Are things very bad over there?
Reading this article made me think the property market could go down in Australia any time as well.
thanks
http://www.dailytelegraph.com.au/realestate/homes-for-1/story-fncv6x1p-1226559204461
Is it real? For those who understand the US real estate market well, could you please shed some lights on how this happened? Is it worth for us to buy these $1 or $500 houses in places like Detroit?
How much is the land tax per year for these houses that the owners cannot even afford keeping them? Is it impposible to rent out houses in Detroit?
If the article is right on "the city's population fell from the nation's 10th largest city to 18th", then I thought it's quite a big city in the US. Are things very bad over there?
Reading this article made me think the property market could go down in Australia any time as well.
thanks