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Pretty soon, banks will just be giving away houses. Maybe, that’s happening already. More ridiculous ideas have been embraced.
A little over a month ago, I was stunned to hear that the median home price was $10,000 in Detroit, and $15,524 in Cleveland. But clearly, there’s got to be a low end to the range that takes you into whole new amazing depths.
There are 18 listings in Flint, Mich., for under $3,000, according to Realtor.com. There are 22 in Indianapolis, 46 in Cleveland and a whopping 709 in Detroit. All of these communities have been hit hard by foreclosures, and most of these homes are being sold by the lenders that repossessed them.
Of course, a lot of these properties need full renovation jobs. But I wonder if some former owners are just buying back their old houses for the equivalent of two or three mortgage payments.