On August 13, 2008, a Detroit house was sold for the price of one dollar. Local real estate agents said that the deal was the direct result of the subprime mortgage and foreclosure crises in the real estate business.Detroit News: Houses go for a $1 (August 13) The building is located at 8111 Traverse Street, not far from Detroit City Airport.Detroit News: Houses go for a $1 (August 13) A neighbor said that less than two years ago the house "was the nicest house on the block."Detroit News: Houses go for a $1 (August 13)
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Fast Facts
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The house was sold only 19 days after the ad was placedDetroit News: Houses go for a $1 (August 13)
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Everything inside the house, including the doors, the kitchen sink and the copper plumbing, was stolenDetroit News: Houses go for a $1 (August 13)
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The woman bought the house for investment purposes and will not live thereDetroit News: Houses go for a $1 (August 13)
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By 2009, the buyer will owe $3,900 in property taxesDetroit News: Houses go for a $1 (August 13)
