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Europeans Scammed With Detroit Money-Pit Houses

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Our favorite ruin porn fans, Europeans, are not to happy with Detroit right now according to the Detroit News. A Britain-based international real estate firm, Assetz International, convinced many to invest in Detroit homes, promising they would be fixed up and filled by residents. Says the news, "But now at least a dozen overseas investors say their more than $2 million in investments have become a trans-Atlantic money pit." They're having to blow euros on property tax bills and to take care of squatters and looted homes; 400 to 600 Detroit properties were sold since 2008 says Assetz International. Now there is a law suit in the works. While we're not too sympathetic towards people that buy real estate sight-unseen (for Christsakes, if we can take our lazy ass to all these open houses, so can you, Europe. Besides, you know you wanted an excuse to take a photo of the train station and then test out fat American eats), it's certainly anger-inducing on all sides that homes that had investors did not get fixed up.

· Foreign investors upset by Detroit home sales [The Detroit News]