That is correct. People have bought houses for a dollar in Detroit. You might not be able to live in it though.

I believe there are no large grocery stores left in Detroit inner-city. The few mom-and-pop shops that are left have to rely on armed security guards. You can imagine what state the public schools and utilities would be in. I am sure the meth labs are one of the few bright spots in this beat up city. (Note: I am being a little too sarcastic)

Home buyer tax credit:

The Senate plan would also expand the program by offering a tax credit of up to $6,500 to current homeowners willing to buy a new home, provided they have lived in their current home for five consecutive years out of the last eight.

http://online.wsj.com/article/SB125684732564916879.html?mod=WSJ_hpp_sections_personalfinance

http://blogs.wsj.com/washwire/2009/10/27/schwarzeneggers-veto-message-delivers-another-message/

They were alway telling me, a house is where you live, long term you’d break even and that was about it, on real estate.

The simplistic book The Wealthy Barber has very good real estate advice, it ain’t rocket surgery.

http://globaleconomicanalysis.blogspot.com/2009/10/is-home-investment.html

I don’t agree with all of Shiff, but he’s right here.

This evil Realtor just multiplies the sq ft by $666.