Foreclosure fallout: Houses go for a $1: "DETROIT -- 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."
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Will Detroit be the first major American city to disintegrate into total chaos?
1 comment:
Well if the home was in an HOA, they were buying nothing but a liability. Not surprisingly, the Realtor would not accept the typical 6% sales commission (i.e., 6¢) and required $2500. At least the buyer planned to pay cash.
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