Ok, so the low priced houses that we saw in Detroit were concerning – however, it turns out there is a hell of a lot more of them.
How about $1 houses and 182 properties that are listed below $1000 – holy hell (search result here).
Lets just say that there must be some investors that are being absolutely burned – especially in Detroit!
What is going on in Detroit (other than the continuing collapse in the car industry)? Have they found toxic waste under the city? Is the population leaving? Have rates increased markedly?