Do you find Geneva property too expensive?  If so you might like Detroit which declared bankruptcy last week. 

Bankrupt Detroit selling homes for $1

Bbankrupt Detroit where more than half the former population has left.  There are few jobs, crime is high, and house prices are rock bottom.  Thousands of people can’t pay their mortgages, and simply left town.  Many with mortgagees went bankrupt and handed the keys to the banks who lent the money. 

The banks have a problem.  Nobody wants to buy the homes, nobody will rent them, but the property taxes are still due.  Many properties in entire streets are falling derelict and being boarded up.  The banks are so desperate to sell the real estate before the next taxes fall due that houses are on offer for as little as $1 or $100.  Be prepared to do some work. Many such homes have been vandalised.  If you are prepared to spend a little more, say $10’000, you have a big choice.  With a 30 year mortgage such a house would cost less than $50 a month.

Nicer homes are for sale in the safer districts, but the prices are still rock bottom due to the lack of jobs.  You can pick up 5 and 6 bedroom homes for under $50’000.  For example:

“This Is a Very Spacious 5Bedroom Brick Cape Cod That Has Recently Been Refurbished. It Features A New Kitchen With Double Stainless Steel Sink, Newer Windows, Nat Fireplace, New Windows Treatments, Oak Hardwood Floors. Gas Forced Air Heat, Full BathOn Second Floor With HalfBath In Basement. Price $45’000”   Just Google and you will find thousands ofDetroit properties for sale like this.  Many of the sellers are banks, seeking to avoid the property taxes.   Others are just people desperate to move away, to anywhere with jobs. Many sellers being described as “highly motivated to sell”.