Wednesday, August 13, 2008

House in Detroit Sells for $1

FOXBusiness

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.

At the time of sale, the home had been stripped of its siding, fence, light fixtures, copper plumbing-even the kitchen sink had been taken. Boards that were used to board up the windows were also stolen and used to board up a house down the street, according to The Detroit News.