How Bad Is the Real Estate Market? Detroit Home Sells for $1

For most people, the American Dream of owning your own home requires saving for years and taking out a big mortgage. But the economy has tanked, and now you can own a home for less than the cost of a slice of pizza.

In Detroit, a house on 8111 Traverse Street recently sold for a buck. The home was reportedly the nicest on the block when it was purchased just two years ago for $65,000, yet has been ripped to shreds by squatters and looters after the bank foreclosed on the owner last summer. It was put on the market in January for $1,100, but with $4,000 in back property taxes, a large unpaid water bill and a shell of a structure, there wasn't much interest. The new owner would have to spend close to $10,000 just to tear the place down.

At a buck, one local woman has decided it might be worth the investment, and the house is under contract, but real estate agents haven't finalized it. In the picture, the place seems to have a little character, and it does sit on a piece of land -- so why not forgo your morning coffee to own your own little slice of America?