Comments on: Forclosure Hell: Houses Selling For $1.

By: Erik

Erik — Sat, 13 Sep 2008 21:15:44 +0000

In comment to Scott. Most homes in urban Detroit are empty, and have been in some cases since the 1970’s. Detroit is in such poor shape most if not all of urban Detroit has no trash pickup, among other services offered. It is not like it is really worse off for the hose to be sold for $1 than it is in its present state no?

By: Uncommonadvice

Uncommonadvice — Mon, 18 Aug 2008 13:54:10 +0000

I can’t believe this – it just wouldn’t happen in the UK. I take it the bank are just writing off the debt secured against the house?

Secondly, why do the bank not just rent the property out?

By: Moolah

Moolah — Sun, 17 Aug 2008 23:13:36 +0000

One dollar homes, that’s almost as crazy as what I saw in DC. They were having buy one, get the next one free condos. Grant it these condos were located in bad neighborhoods but I can’t believe the housing would get this bad.

By: Mid-August Roundup

Mid-August Roundup — Sun, 17 Aug 2008 15:01:38 +0000

[...] of My Two Dollars reports that houses are actually selling for $1 because banks (who foreclosed and are now stuck with the house) are so desperate to get rid of [...]

By: david

david — Fri, 15 Aug 2008 14:23:17 +0000

Well, they could not be any worse off than when no one owned it, so maybe it will stay really low for a while?

By: Scott @ The Passive Dad

Scott @ The Passive Dad — Fri, 15 Aug 2008 05:33:23 +0000

One dollar homes are brutal and that’s got to have a huge impact on that neighborhood and local businesses. I wonder how the local government will be impacted by the loss of property tax revenue. Even if it gets paid, how will they assess the home value for 2009 property taxes? Couldn’t be just a buck, could it?

By: jim of Blueprint for Financial Prosperity

jim of Blueprint for Financial Prosperity — Wed, 13 Aug 2008 20:42:38 +0000

That’s unreal…

By: david

david — Wed, 13 Aug 2008 17:56:16 +0000

Interesting Dani, thanks for letting me know it happens elsewhere as well!

By: Dani

Dani — Wed, 13 Aug 2008 17:34:08 +0000

$1 houses aren’t all that new (in this area, at least). About a decade or so ago, the City of Allentown (one of the larger cities in PA) was selling houses in the downtown area for $1 as part of their revitalization program. It came with strings attached — you had a certain amount of time to spruce them up, convert them into single-family dwellings from apartments, etc. — but it was an honest-to-goodness $1 sale.

It didn’t work, unfortunately. That area is worse now than it was then…but it was a cool idea.