Detroit Foreclosure Bargains

Posted In: Foreclosures, Home Prices, Housing

Back on August 14, I wrote a post about a foreclosed Detroit home selling for a dollar. I happened to stumble upon the following from MarketWatch’s Craig Tolliver earlier today, which deals with the same topic:

Think you can make a killing in the foreclosure market? You’d be hard pressed to find better bargains than in Detroit. The Motor City gives new meaning to an upside-down housing market. If the banks were smart, a reach I grant you, they’d bypass the brokers and unload these beauties at Dollar Tree or The 99 Cents Only Stores.

One unnamed bank just sold a four-bedroom house for a buck — at a cost of $10,000! Explains why bank stocks are in the toilet. If you’re looking to troll the Detroit market, realtor.com has four more $1 steals (including a duplex!) and listings for over 170 properties under $1,000. (Go shopping!) “My 14-year-old son could buy a block of Detroit property,” Ann Laciura lamented to the Detroit News. She’s a senior servicing specialist for the Bearing Group, the firm hired to manage and sell the property. The kicker? Even at a buck, it still took 19 days to sell it. Word to Detroit banks: It might be more cost effective to forgive the debt than foreclose. I’m just sayin.’

Only $700…

Source:

“Four bedrooms for a buck”
Craig Tolliver
MarketWatch, August 22, 2008

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