Housing Market Hits A Low - House Sells For ONE DOLLAR!

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Education & Training

You'll never believe it but I just got wind that a foreclosure home in Detroit at 8111 Traverse Street just sold for...

(time for another drum roll)

ONE DOLLAR!

Could this be a siginal that the housing market has bottomed out?  The house was bought back in November of 2006 for $65,000 and the bank that foreclosed on the property was so desperate to sell it that they listed it on the MLS for $1.  And it still took 19 days to sell.

Even more amazing is that it was listed back in January for $1,100.

Check out the article in the Detroit News for the whole story.

Cheers
Paul Dunn
Tucson's #1 FHA Mortgage Loan Originator
Arizona USDA Rural Development Home Loans

Paul Dunn  - Tucson's #1 FHA Loan Expert (First Priority Financial): Loan Officer in Tucson, Pima County, Arizona

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Rainmaker
255,226
Pam Jank
Coldwell Banker Schneidmiller Realty - Coeur d'Alene, ID
Your Coeur d'Alene & North Idaho Real Estate Pro

Oh dear... I hope this is not a growing trend.  It's already been a difficult road for most homeowners and lenders. 

Aug 14, 2008 04:15 AM #1
Rainer
120,579
Carol Swain
Keller Williams Real Estate - Langhorne, PA
Realtor, -www.swainsells.com- Bucks County, Pa

This house is not sounding to impressive.  Thankfully, that would never happen in my market.

Aug 14, 2008 04:17 AM #2
Rainmaker
637,864
Associate Broker Falmouth MA Cape Cod Heath Coker
http://www.CapeGroup.com & http://www.REindex.com - Falmouth, MA
Heath Coker Robert Paul Properties Falmouth MA

I think the bottom would be when they start paying the buyer to own the properties.  LOL

Aug 14, 2008 04:20 AM #3
Rainer
16,882
Barry Bridges
Barry Bridges Weichert Realtors Bridges & Co. - Smith Mountain Lake, VA
Lake professional

I just can't imagine why someone would pay full price. Don't they know how to negotiate?

Aug 14, 2008 04:21 AM #4
Rainer
207,504
Shane OnullGorman
Eau Claire Realty, Inc. - Eau Claire, WI
Eau Claire Wisconsin, Real Estate Agent & Realtor- Buy or Sell

I worry about talking about things like this. It does not represent the market as a whole and in fact represents such a tiny skewed portion that talking about it doesnt really represent things accurately.

Shouldn't there be a story about every single house that sells at fair market value and how the seller and buyer are happy? This is more factual and represents more closely what is going on in the market.

Or is it the old saying.. if it bleeds it leads?

I like putting bandaids on things.

Aug 14, 2008 04:24 AM #5
Rainer
42,840
Janie Masterson
RE/MAX Executives - Clarksville, TN
Realtor GRI CLHMS - Trusted Real Estate Resource

Hi,  I read this too, here is the link that I received yesterday.  The house was a dump....it had been totally gutted by thieves.

http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360/&imw=Y

Janie

Aug 14, 2008 04:36 AM #6
Rainer
173,075
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

I have been to Detroit (inlaws lived there) and they couldn't get a $1 from me.

Aug 14, 2008 01:27 PM #7
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Rainmaker
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