That’s the startling word from a feature article released today by the Associated Press.

Most of the homes currently on the auction block in Detroit, Mich., can not be had for a single George Washington; however, the fact that bids are starting out so low in some cases underscores the current economic turmoil that has choked “Motor City.”

The unfortunate high foreclosure rate in Detroit is tied to the struggles of the region’s largest employer, General Motors, which has been forced to layoff thousands of homeowners in the area because the automaker has fallen on hard financial times.

The article indicates that at least 1,800 homes are now available for purchase for a thrifty $10,000, which is about ten times less than the market value just a few years ago. It’s remarkable deals like this that has piqued the interest of international investors who are looking to gobble up land on the super cheap.

Here’s a snip from one of them, Darren Veness of England, on his reasoning for investing in Detroit real estate:

“Do the math, you can buy and rehab a home for $20,000, then rent for $900 a month. Three to four months of the year, rent is going to pay the taxes…. We just want to build our portfolio as big as we can. I know Detroit has been in a mess … and I think now is the time. The next 10 years, it’s going to change. If my investment still pays for itself, why am I going to leave it?”

Indeed, investing in Detroit foreclosure homes today will more than likely not earn you a staggering profit tomorrow. However, the long-term payoff could be significant if you are able to hang onto a property — maybe even rent it for a few years — and hope that the economy there turns around sooner rather than later.

It’s not often that you come across homes for less than $10,000 — or even $1 — in a major city such as Detroit. You may want to check out what’s available on Foreclosure.com right here before foreign investors snatch up all the good inventory.

And if you’re real serious we recommend reaching out to a local expert in the area through our Broker Network. Our local agents and brokers are on the ground and know what areas are right or wrong for you — it’s nearly impossible to make a sound investment decision without knowing as many facts as possible.