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Detroit has most bank-owned, fixer-upper homes

The skyline of Detroit, Michigan is seen from Windsor, January 4, 2012.REUTERS/Rebecca Cook
The skyline of Detroit, Michigan is seen from Windsor, January 4, 2012.REUTERS/Rebecca Cook

DETROIT (WKZO) -- The city with the most bank-owned homes on the market built before 1960 is Detroit.

The list by RealtyTrac is for homes valued at under 100-thousand dollars.  Detroit tops the list of 15 cities, with nearly four-thousand older homes with an average estimated value of just over 40-thousand dollars.

A RealtyTrac spokesman says the age and sale prices suggest the homes are in line to be fixed up.  However, he points out that sale prices in Detroit continue to go down, so it may take some time for buyers to be able to sell the home for what they've spent to repair it.

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