The following is an excerpt from and link to an article about cheap condos in Boom/Bust markets.  It is cited as an interesting addendum to Doomsday Scenarios: Could Condo Prices Fall to Zero? - 3/16/09

CNNMoney.com - Condos for less than the cost of a Corolla - 8/2/10

"The housing bust has made owning a home a lot more affordable -- but in some places, prices are extraordinary; you can buy a nice condo for less than the cost of a new family car.

Some cities have dozens of attractive condominium listings selling for $50,000 or $25,000. There are some selling for less than a new Toyota Corolla. And these are not derelict hovels in crime-ridden communities: These homes are often in move-in condition and located in nice neighborhoods."

"Berman has a one bedroom condo in one of these areas with a listing price of $15,000. He said it needs a little work, and it's in a community that doesn't allow you to rent out the property, but still, $15,000?"