In Detroit, boarded up homes and burned out shells litter the landscape. Today, a house can be bought here for the price of a used car.
And yet it is difficult for buyers to actually buy. Prices are too low for lenders (who see the deals as too small or too risky) and too high for buyers who are cash-poor and don’t have the money to fix them up.
Bank of America and JPMorgan Chase, the country’s two largest banks, trace their roots back decades when they helped finance the city’s once booming auto industry.
They have pledged to help resuscitate the crippled housing market.
So guess how many home mortgage loans these enormous banks made in 2016 to this city of city of 640,000 people?
WATCH to find out!