Buy a foreclosure

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

By Les Christie, CNNMoney.com staff writer

NEXT: Stockton, Calif.