When you live in the lower mainland of British Columbia, you get accustomed to ‘average’ house prices in the high six figures, and first time house buyers scraping together every penny just to make a 10-percent down payment.
It seems inconceivable that at the same time, in Detroit Michigan, you can pick up a house for about the same price as a new car. Full story at Yahoo news
Steve Izairi, 32, who re-financed his own house in suburban Dearborn and sold his restaurant to begin buying rental properties in Detroit two years, was concerned that houses he thought were bargains at $70,000 two years ago were now selling for just $35,000.
At least 16 Detroit houses up for sale on Sunday sold for $30,000 or less.
A boarded-up bungalow on the city’s west side brought $1,300. A four-bedroom house near the original Motown recording studio sold for $7,000.