Detroit Home Sells For One Dollar
From FOXBusiness.com yesterday:
In what might be considered a new low for the housing market, a home in Detroit sold for $1.
The home, located at 8111 Traverse Street, close to the Detroit City Airport, was foreclosed upon last summer, after it was purchased for $65,000 in 2006, according to an article in The Detroit News.
The bank was so eager to sell the foreclosed property, it lowered the price to $1 in a final attempt to find a buyer. According to the newspaper, 14 days after the property was listed for $1, a local woman purchased the house as “an investment property.” The property taxes will run the new owner $3,900, in 2009.
And homeowners around the country are praying that “What happens in Detroit, stays in Detroit.”
War Of The Worlds Spoof From “Scary Movie 4” (2006)
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Source:
“House in Detroit Sells for $1”
FOXBusiness.com, August 13, 2008
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