Yikes.

'Steve Izairi, 32, who refinanced his own house in suburban Dearborn and sold his restaurant to begin buying rental properties in Detroit two years, was concerned that houses he thought were bargains at $70,000 two years ago were now selling for just $35,000.

At least 16 Detroit houses up for sale on Sunday sold for $30,000 or less.

A boarded-up bungalow on the city's west side brought $1,300. A four-bedroom house near the original Motown recording studio sold for $7,000.

"You can't buy a used car for that," said Izairi. "It's a gamble, and you have to wonder how low it's going to get."

Detroit, where unemployment runs near 14% and a third of the population lives in poverty, leads the nation in new foreclosure filings, according to tracking service RealtyTrac.

With large swaths of the city now abandoned, banks are reclaiming and reselling Detroit homes through foreclosures at seven times the national rate.

Michigan was the only state to see home prices fall in 2006. The national average price rose almost 6% but prices slipped 0.4% here, according to a federal study.

The state's jobless rate of 7.1% in January was also the second highest in the nation, behind only Mississippi.'

In Detroit, houses cheaper than cars