While RVs on our California coasts still go for $1 million or more despite the neurotic state market, a tear-down home in Detroit was listed, and sold for $1, costing the bank that repo'd it over $10,000 to get the sale through. Formerly "The nicest house on the street," it had been sold for $65,000 in 2006. Since being repo'd, it has been vandalized and "stripped of its siding, plumbing. copper wiring, hot water tank and furnace," so it needs "upgrades.", but the new owners proudly call it "an investment." Full story in detnews via Curbed LA.The current economic hardship/recession has the French/Euros crying wolf, but compared to the have-nots in this country, whose ranks are increasing by the day, they have it pretty good. Bill Moyers had an eerie Exposé recently on PBS on The Business of Poverty: a $650 billion bounty for financial institutions preying on America's weak and poor -- whether it's financing their homes, cars, health, or else.
photo via detnews.com
