Foreclosures in Detroit, Michigan — primarily in Wayne County — are consistently among the tops in the nation.

It’s a slice of the real estate market that did not experience the highs of the real estate boom during the last few years, which is perhaps the reason distressed homes in the Motor City are now selling for less than cars, according to a recent Reuters article on FOXNews.com.

Here’s a snip:

“With bidding stalled on some of the least desirable residences in Detroit’s collapsing housing market, even the fast-talking auctioneer was feeling the stress.

‘Folks, the ground underneath the house goes with it. You do know that, right?’ he offered.

After selling house after house in the Motor City for less than the $29,000 it costs to buy the average new car, the auctioneer tried a new line: ‘The lumber in the house is worth more than that!’

Clearly, the foreclosure situation is bad news for affected homeowners. However, it also represents tremendous opportunities for investors to swoop in and purchase properties at rock bottom prices.

Not all properties, however, come dirt cheap. In fact, Mayor Kwame Kilpatrick recently announced that two condominiums in the city’s revitalizing downtown sold for more than $1 million each.

The key to success in a reeling city like Detroit, where the only way to go is up, is being able to weather the storm and hold onto the property long enough to realize a profit.

It could be months or years. Regardless, it’s a decision that could pay huge dividends if and when the situation sorts itself out down the line.