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The $1 Home

Posted by: Nate Berg

14 August 2008 - 8:00am

A foreclosed property in Detroit was recently put on the market at a selling price of just one dollar.

"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."

Full Story: Foreclosure fallout: Houses go for a $1
Source: The Detroit News, August 13, 2008
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