>>http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360
>
>Not surprising. It's East Detroit!
>
>Actually, there have been crazy prices for foreclosed homes forever. My ex-brother-in-law bought 3 houses for $500.00 each about 5 years ago. They were in a depressed (and crime-ridden) neighborhood.

Unfortunately usually the only reason to do that is to use them as rentals and you can never keep them up as well as you would like in those neighborhoods. Or try try to flip them. What did he end up doing with them?