Hawaii Real Estate Reporter

According to a Detroit News article dated August 13, 2008 A Detroit home was listed for $1, and it still took almost three weeks to find a buyer. And no, this is not part of any elaborate deal – the home will likely be sold for 100 pennies – and the bank who owns it will pay $500 of the buyer’s closing costs.

This home is an absolute horror story. Scavengers literally stole the kitchen sink. The property management company boarded up the windows – and the boards were promptly stolen!

This is a scary proposition for people who live in places hit hard by foreclosures. But Hawaii residents can breathe a sigh of relief: only about 1 in 3500 hawaii homes are in foreclosure, compared to the national rate of about 1 in 500.