Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Buy a foreclosure

The foreclosure story is tragic for millions of Americans, but crashing home prices have provided numerous buying opportunities. Here are 5 bank-repossessions now on the market.

1 of 5
BACKNEXT
Clarkson, Mich.
Clarkson, Mich.
Price: $475,000

Bedrooms: 5
Baths: 4.5
Square feet: 4,417

Description: The suburbs of Detroit have not escaped the foreclosure plague and that has made bargains out of homes such as this beautiful Georgian colonial. It sits on two and a half acres of nicely kept rolling lawns, trees and shrubs.

Inside are such prime amenities as granite countertops, butler's pantry, media room, Brazilian cherry floors and much more. The second-floor master suite boasts dual sinks and showers, jet tub and heated floors.

As recently as three years ago, the real estate Web site Zillow estimated the property to be worth about $1.2 million. Since then, however, the bottom has fallen out of the auto industry, pulling down Detroit-area property values. Prices have plunged by 25% over the 12 months through April 30, and 45% from their peak in December 2005, according to the latest S&P/Case-Shiller Home Price index..

For further information: Coldwell Banker Schweitzer Real Estate
NEXT: Stockton, Calif.
Last updated July 16 2009: 1:53 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
World's Top Employers for New Grads For an exclusive CNNMoney list, research firm Universum Global surveyed business students at colleges around the world to see where they most want to work. More
Brexit voices: In or out? CNNMoney speaks to British people to find out their views ahead of the referendum on EU membership. More
10 key facts about the U.S. economy Unemployment is down, gas is cheap and America is growing. But just how strong is it? More

Special Offer