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Paris Hilton heads for London where she will be screening potential new housemates.

How much does a house described by its neighbours as the "nicest house on the block" go for these days? If it is in Detroit, the answer is $1. It is a sad business the house in question changed hands for $65,000 only two years ago but presumably the residents of Detroit are taking some comfort in the idea that prices can go no lower. They shouldn't.

Owning houses isn't cheap you have to maintain them and you have to pay taxes on them. So there is every reason to think that as prices across the US keep falling we will eventually see stories about buyers being paid rather than actually paying to take possession of houses. Note that while the official price for this house was just in positive territory, the buyer refused to close the deal until the bank that owned it (it was, of course, a repossession) paid her costs in full. The bill? £10,000.

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