Introducing … the $1,000 House

About 200 homes are on the market for absolutely nothing right now in metro Detroit, the Detroit News reports. Three Detroit-area homes are listed for $1. At $1,000, you can have your pick of another 200.

Real estate news doesn’t get much worse than this.

According to The News, more than half the homes sold in southeast Michigan last year, with the exception of St. Clair County, were in foreclosure. In St. Clair County, traditional sales beat foreclosures by one transaction.

In Detroit, the average sale price of a house is $7,000. Last week, Century 21 Town & Country, the region’s second-largest real estate brokerage, filed for Chapter 11 bankruptcy protection.

Yikes.

http://detnews.com/apps/pbcs.dll/article?AID=/20090223/METRO/902230326/1409

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