Detroit real estate broker Ian Mason currently has 200 listings, largely foreclosures banks are desperate to get off their books. And that desperation is making for some incredible deals.
Bowers asked him how much he sold one house for.
"One dollar," he said.
It’s a house he says that just a few years ago would have sold for $75,000.
Home values across the country have taken a tumble. Nationally, the median home price is $174,000. But in Detroit, the average is only $7,000 – which may help explain why home sales are soaring.
January sales are up 37 percent over last year with 1,000 homes sold last month alone.
Those are people like young single mom Sofia Hawkins who’s found her home sweet home.
She got a home for $1,100. Can she even believe it?
"No, not really," she said. "It was a good deal."
And now she now owns a three-bedroom house for just twice what she used to pay each month in rent.
It’s hard to believe that it is that bad in Detroit and it’s gotten that bad so quickly. How many years until houses would reach average levels in Detroit? Ten years? Twenty years? Fifty years? Will Detroit ever recover?