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
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 RSS FEEDS (close)
More Galleries
17 cool gadgets that tease the future Smart telescopes, surveillance for dogs, an electric roadster and more from CES 2018. More
These 12 airplane beds let you really sleep on a flight For the price of a premium class ticket, you may just get a space that's comfortable, private, and quiet enough to ensure a good rest. More
CES 2018 kicks off with oddball gadgets The biggest tech show of the year opened with a collection of quirky gadgets. More

Special Offer