The old adage "If something sounds too good to be true, it is too good to be true," applies when it comes to fantastically low Detroit home prices. Here's a well-reasoned article on why super-cheap home sales shouldn't be ground-floor urban renewal strategies.
Excerpt:
"Perhaps you’ve heard of the mythical $500Detroit house. Plagued by years of blight, desolation, and grim economic deterioration, the story goes, Motor City homes have become nearly worthless—poverty porn for coastal snobs, or fodder for urban yuppie real estate fixer-upper fantasies. One could see how this kind of deal might seem pretty enviable from cramped quarters in San Francisco or Brooklyn, but it’s important to understand what a price tag that low symbolizes."
More
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