Here’s what you can buy these days for $5,900 (or best offer).
This car:
This trailer:
Or, if you live in Detroit, this house:
From CNN/Money:
Nearly 700 homes in the Detroit area will be auctioned on Sept. 21 through Sept. 23, one of the biggest home auctions ever.
Rising default rates in the economically hard-hit, auto-industry town have riddled the Detroit housing market. There’s an abundance of bank-owned properties available for sale …
… Michigan has been one of the leading foreclosure states in the nation the past few years with Detroit as its epicenter.
One house in Highland Park, an independent town almost completely surrounded by Detroit, was marketed at $5,900 and did not sell. It’s a cute, 900-square foot cottage with three bedrooms and a bath. There’s an undisclosed reserve price, but it’s almost sure to sell for less than the $5,900 it was listed at last. It needs considerable work.
For those of you willing to make the trip, most of the properties are available for viewing, prior to the auction, and all of them have clear titles.
Must I point out, most of these homeowners got into trouble for reasons other than the foreclosure “crisis” we’ve been hearing about, ad nauseum, over the past several months.
Massive Motown foreclosure auction – By Les Christie, CNN/Money
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