Almost 1 in 7 Houses For Sale in Detroit Are For Less Than $20,000

Mark Perry reports:

You can go to Realtor.com and search for homes for sale in any city in the U.S., and you can specify a certain price range. If you search for homes for sale in Detroit, Michigan, you'll find that there are 22,387 homes for sale right now, and if you search for Detroit homes for sales between $0 and $20,000, you'll find that there are 3,431 homes for sale in that price range!

That is, more than 15% of the homes for sale in Detroit, or almost 1 out every 7 homes for sale, is priced at $20,000 or less, including the "Great Investment Property" pictured above, which is listed at a $1,500 sales price (negotiable?) with estimated monthly payments of only "$7 per month."

"$7 for a monthly house payment," isn't that about what a single pack of cigarettes cost now?

I guess some places missed the real estate bubble.