House prices plummet in Detroit, Indianapolis, Cleveland

One good thing about the gloomy economy — more people can afford to buy a house. For example, for $500 you can buy this three bedroom bungalow (below) in Detroit. From Les Christie's story in CNN:

200901080847The real estate market is so awful that buyers are now scooping up homes for as little as $1,000. There are 18 listings in Flint, Mich., for under $3,000, according to There are 22 in Indianapolis, 46 in Cleveland and a whopping 709 in Detroit. All of these communities have been hit hard by foreclosures, and most of these homes are being sold by the lenders that repossessed them … In Detroit for instance, Century 21 Villa owner Randy Eissa has a three-bedroom, one-bath bungalow of about 1,000 square feet listed at just $500.

Radical cheap: $1,000 homes