There's a big sale on Puerto Rican homes

Hedge fund billionaire John Paulson has been scooping up real estate in Puerto Rico, which he calls the "next Miami."

Why? Three-bedroom houses near the beach are selling for under $100,000.

For sale signs are popping up everywhere in Puerto Rico, where people are leaving the island during a prolonged economic crisis. According to CNNMoney, the situation is similar to that of what Detroit was like when it filed for bankruptcy in 2013.

Read more from CNNMoney.