Thread: Foreclosure fallout: Detroit Houses go for a $1

Foreclosure fallout: Detroit Houses go for a $1
Aug 14th, 2008 | By RT Staff | Category: Midwest Region

One dollar can get you a large soda at McDonald’s, a used VHS movie at 7-Eleven or a house in Detroit.

The fact that a home on the city’s east side was listed for $1 recently shows how depressed the real estate market has become in one of America’s poorest big cities.

And it still took 19 days to find a buyer.

The sale price of the home may be an anomaly, but illustrates both the depths of the foreclosure crisis in Detroit and the rapid scuttling of vacant homes in some of the city’s impoverished neighborhoods.

The home, at 8111 Traverse Street, a few blocks from Detroit City Airport, was the nicest house on the block when it sold for $65,000 in November 2006, said neighbor Carl Upshaw. But the home was foreclosed last summer, and it wasn’t long until “the vultures closed in,â€

Colpaert declined to provide the name of the prospective purchaser, because the deal had not been through closing. The agent did say that the buyer agreed to pay the full list price of $1, and planned to pay cash.

HAHAHA Do you accept personal checks?

I would have asked the bank to give me a 30-year mortgage, financing the 80 cents.

There are many cities in Michigan where someone could buy an entire block. Of course you would have to get permits to fence it off and get security to patrol it if you were doing any remolding.