In a brutal sign of the decline of the US housing market and of a once booming Motor City, a Detroit home recently sold for a mere $1. Apparently even this was a bit much for the market seeing as the place took 19 days to find a buyer. The home located at 8111 Traverse Street, near Detroit City Airport - and less than a mile from where two generations of my family once lived - was reportedly the nicest home on its block and actually sold for $65,000 in 2006 but was quickly foreclosed upon by the bank after the housing market collapsed. The sale comes as a loss for the foreclosing bank which is actually out $10,000 on the deal.

While the $1 figure is particularly low, it’s not all that uncommon in Motown. Due to waves of crime, drugs and residents abandoning the city for the suburbs, Detroit has sunk to the point where many vacant homes can be purchased for around $100. Said Ann Laciura, from Bearing Group, the firm that bought the $1 home as an investment:

My 14-year-old son could buy a block of Detroit property,

You can takepart in revitalizing properties around the country by learning more about Habitat for Humanity.

LINKS:

Detroit News: Foreclosure Fallout: Houses go for a $1

Fox Business: House in Detroit sells for $1

US News & World Report: Buyer to pay $1 for house in Detroit