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Old 10-01-2008, 05:09 PM
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Default economy crash?

Look at this: General News - Bid of $1.75 on eBay gets abandoned Saginaw home

Please tell me the market hasnt crashed yet! LOL
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Old 10-01-2008, 06:47 PM
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Default Re: economy crash?

In the construction field and spending more than the usual time at the lumber yards we have been reading reports coming in across the country about these types of deal. Im Michigan especially it seems that the banks, yes the banks are selling foreclosed on homes for $1.
The reason this is happening is primarily the bank and any mortgage company that may own the foreclosed on homes now owes taxes. The worth of the home has dropped so sharply that the taxes are more than the selling price of the house.
So to unload unwanted tax liabilities the holding companies decide to sell them for next to nothing. Mind you too though that these houses arent in the best of neighborhoods and if the cops saw your actinics on at night you would have them busting in thinking you had a "grow house".

It sure is scary though
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