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foreclosures mounting in Detroit, Michigan

our friend David forwards us this sad news about the possible upcoming loss of many fine bungalows in Detroit:

There is a current meltdown of foreclosures in Detroit, Michigan. Some bungalows are selling for $20,000 or less; here is the auctioneers website.

I'm afraid at these bargain-basement prices and the exodus of renters who can't find jobs, many out-of-state buyers might chose to tear down the houses and sell the salvaged materials. Or whole neighborhoods could be bought cheap and torn down for future development.