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)
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.