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House in Detroit finally sells for $1

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News - Financial News

Written by Hugh McManus

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While many homeowners scan the headlines for hopeful signs of a housing recovery, a recent sale in Detroit, Michigan could give some pause for thought.  After spending almost fourteen days on the market, a house near Detroit City Airport finally sells for the staggering price of only $1. In 2006, the house was purchased for the relatively princely sum of $65,000; the bank foreclosed on the property in the summer of 2007 and has owned the property ever since.   Once it was no longer occupied, even though it was boarded up, the house was badly vandalized; all metal fixtures were stolen, even the kitchen sink disappeared.  So eager to off load the property, the bank lowered the price to $1; however, it still took two weeks for a potential buyer to step forward.   The new owner reportedly purchased the house as an investment property. < Prev   Next >