If you have $5000

[passerby]

Is there a catch in this?

Fannie Mae, the largest US mortgage finance company, couldn't find a buyer who would pay $US6900 ($7100) for the three-bedroom house at 1916 Prospect St in Flint, Michigan. So broker Raymond Megie, who is handling the foreclosure sale, advised cutting the price to $US5000.

Megie still couldn't sell it. "There's oversupply,'' he said. The home sold in 2005 for $US110,000.

http://business.smh.com.au/business/more-trouble-for-fannie-mae-20080723-3jtt.html

 

[Jon_Are]

Is there a catch in this?

Never been to Flint, have you? :mrgreen:

Jon

 

[Foques]

is it a bad neighborhood or something?

Nevermind.. I googled for it..
I'd have to be paid to take that house.

http://flint.areaconnect.com/crime1.htm



http://flint.areaconnect.com/crime/compare.htm?c1=Flint&s1=MI&c2=Chicago&s2=IL

 

[RainNotebook]

I wikipediaed it and this is what it said about crime:

"Crime

During the 1980s and 1990s, Flint gained a reputation as a crime ridden example of deindustrialization. Trends over the last few years have been changing that negative outlook. As of 2007, homicide in Flint is down 52% and rape is down 36%. Auto theft, assault, and larceny are also down.[2] The total amount of homicides in Flint in 2007 are some of the lowest in decades. The Flint Police Department has installed security cameras around Flint neighborhoods which have lowered neighborhood crime in the city. [3][4] In the 2008 State of the State address, Jennifer Granholm commended Flint on its 46% drop in crime in 2007. In May 2008, new crime statistics for the city were released, showing some of the most dramatic decreases in crime in decades. Murder had dropped 71%, Assault had dropped 48%. Arson and auto theft also saw drops in the 20% range.[5]"



So whats scary is the statistics that Foques found is lower than its ever been there.... scary.