Monday, October 6, 2008
On a quiet, tree-lined road near Detroit’s city airport, sits a house that was briefly the most famous in America. When the three-bedroom home at 8111 Traverse Street found a buyer last summer, the purchase price made headlines around the world — the house sold for one dollar, then worth about 50p. The unnamed buyer was a local woman who bought the house as an investment. Yet two months later, America’s spiralling financial crisis is wreaking so much new havoc in decaying property markets like Detroit’s that even a $1 house cannot be resold for a profit.