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Now you can buy two houses only by 1,ooo dollars in Detroit, USA

Now you can buy two houses only by 1,ooo dollars in Detroit, USA because of Detroit's financial crisis.  I'v just read this news from a China website. Is it true?

 

底特律的财政危机也引来不少投机者到此抄底房市。

一投机商人茉莉说,5年前卖45万美元的房子,她现在仅花2300美元就买了下来。 目前,她一共买了363处房产,最大的一笔开支花了12000美元,买下了曾价值170万美元的房产;最小的一套房子只花了500美元,这甚至买不到一双 高档皮鞋。茉莉说,“有人花了1100美元买皮鞋,而我用它买了两套房子,我现在口袋里还剩100美元。”在未来几年,她打算花钱把这些房子修葺好,然后 出租。另外一纽约投机商买了上千处房产。

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This is "technically" true, but not actually true.

 

Yes, some abandoned houses in Detroit are really, really cheap.

 

But part of the deal is that the city requires you to fix these old, abandoned, sometimes damaged houses so that they will meet modern building codes and laws. If you want to actually live in the house, it has to be inspected and approved by the city first. 

 

So yes, you can buy a house for $500, but then you're expected to spend $20,000-30,000 repairing the house if you actually want to live in it. And this is in a neighborhood that usually has problems with crime, finding good jobs, and other things. So while "buy a house for less than $1000!" sounds like a good newspaper story, the truth is much less dramatic.

Jeremy,

 Well....it is amazing really. 50 years ago it was the car capital of the world, now it's a city that in many places is in ruins.

 

During the financial crisis of 2008 - the banks lent money for people to buy houses who really could not afford houses. Once the crisis started people were kicked out because they could not make their payments. In some areas, every 3rd house was empty. Then people started to steal from the empty house. They stold things like the copper pipes, the copper wiring, etc. Some of the houses drug dealers would use to sell drugs. Many of them have the windows covered with boards.

 

It a shame - if you could the before and after pictures. I have some pictures from areas of Clevleand that are like this if you want to see. Send me your QQ.

 

So..... these house are so destroyed, it will cost you tens of thousands to fix up.

 

There are places in the US where it is not safe to go, especially at night.  My guess is these houses are located in these neighborhoods.  But, hey, no worries.  The strength of America is the ability to continually re-invent itself.  Self-renewal.  Someone will probably buy entire blocks of homes, demolish them, build gated communities or factories which can take advantage of cheap labor.  Or maybe not.

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