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Chicago woman owns house for $1.75 on eBay
By    siliconindia news bureau
Friday, October 3, 2008
Michigan: The housing mortgage crisis has brought in a tremendous profitable deal for a Chicago woman named Joanne Smith, who won an abandoned home in Michigan for a phenomenal bid of $1.75. She won amongst eight other bids for the home which was sold by Southern Investments LLC, but she has no plans for a shift.


"I am going to try and sell it as I don't have any plans to move to Saginaw," said Joanne. Infact, she hasn't cast her eyes over her winning prize and only knows it to be hard-hit by the economic troubles. However, a sum of $850 has to be paid as back taxes and yard cleanup costs.

     
   
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Reader's comments(1)
1 What is not said in the headlines is all the "HIDDEN" costs involved in owning a
house.
Property taxes, insurance, cleanup, inspection etc can run into thousands of
dollars per year.
This is similar to what brought the US markets down (using whats known as option
ARMS which used very low teaser rates to lure the person in and once trapped,
jacking up the rates again).
Thankfully India hasnt yet learned all the tricks of the US capitalist system.
Posted by: Andy N