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If an e-mail popped up in your inbox promising a house for $100, you'd expect to see it sent from guy in Nigeria asking you to wire him several thousand dollars first.
But this depressed housing market dream is real. And Detroit, Michigan, artist Jon Brumit and his wife Sarah are living it.
The couple never counted on owning a home.
"It's not that we have a little money," Jon Brumit said, laughing. "I'm saying we have no money."
But the couple began entertaining the idea of a permanent nest when their friends Mitch Cope and Gina Reichert, also artists, started taking advantage of foreclosures in the city, where the average home price dipped to $11,533 in April, according to the Detroit Association of Realtors.
Dragging down the average are homes are long abandoned or foreclosed on that are selling for pennies on the dollar. Detroit already had the lowest market value houses in Michigan before the latest rounds of job losses at GM and other huge employers, market analysts say.
Originally posted by DrumsRfun
It would be nice to get a fund that if people wanted to contribute to they can.
How cool would it be to get these people their homes back.
I would be more then willing to buy a few for the original owners.
Very sad that bankers play with peoples lives like this....I laugh when one kills themselves for going broke.(banker)