REO in Detroit
We're not kidding - an HW reader forwarded this listing search to us, and we're sharing. For those that haven't worked in the REO side of the biz before, there has been a sort-of inside joke about when the first $100 house will hit the market. Unfortunately, it's no longer a joke. Detroit's housing market has been decimated by the steep downturn in the U.S. automobile industry, for the record. In fact, the Detroit MSA had the highest foreclosure rate of any metropolitan area in the U.S. during 2007.