by Calculated Risk on 1/19/2009 02:49:00 PM

For a laugh, here is a house in Carlsbad, CA west of the freeway selling for under $400 thousand ... from Jim the Realtor:

Wow. Who could live there? (backs to the "Detroit River" ROFLOL)

Houses are even cheaper in Detroit. From Dow Jones: How low can homes go? Try $0

[T]he median price of a home sold in Detroit last month was $7,500, according to Realcomp, a Farmington Hills, Mich., multiple-listing service, down 50 percent from last year.

[Detroit real estate agent Ian Mason] counted 1,228 homes listed for under $10,000, 209 of which were under $1,000.

"Many of them are in pretty decent shape," he said, "and some can be lived in."

Define "live".