Monday, December 20, 2010

Detroit mayor plans to shrink city by cutting services to some areas

"In some parts of Detroit, 80% of housing is empty amid widespread unemployment. Many have simply abandoned properties now worth a fraction of the mortgages on them.

Property prices have collapsed to the point where houses can be had for $100, although the average price is $7,500 (£5,000). The city council gives homes away to those prepared to pay the outstanding property taxes."
http://www.guardian.co.uk/world/2010/dec/17/detroit-shrinking

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