$1 a house in the US - Is it real?

[EstateCentral]

Just read this article "Realestate Vertical Homes still selling for $1 in Detroit"

http://www.dailytelegraph.com.au/realestate/homes-for-1/story-fncv6x1p-1226559204461


Is it real? For those who understand the US real estate market well, could you please shed some lights on how this happened? Is it worth for us to buy these $1 or $500 houses in places like Detroit?

How much is the land tax per year for these houses that the owners cannot even afford keeping them? Is it impposible to rent out houses in Detroit?

If the article is right on "the city's population fell from the nation's 10th largest city to 18th", then I thought it's quite a big city in the US. Are things very bad over there?

Reading this article made me think the property market could go down in Australia any time as well.

thanks

 

[thepeoplesagent]

2nd line down

"some say prices are on the way up"

 

[Tim Ferris]

"The cheapest property is not always the best deal"

 

[TMNT]

dont you think at $1 everybody would be buying it???

Hell, a homelesss guy could buy it

there are taxes, back taxes, outstanding fees !

 

[Tim Ferris]

Well for $1,000 I'll buy 1,000 homes...thank you...some people are too gullible

 

[MTR]

These $1 properties are in the hood for sure, I have heard stories where property managers make sure they have a gun before entering the home. You could not pay me to take it on.

 

[scha9799]

$1 is cheaper than go to USA for inspection ( flight ticket, phone call ...)