I have to admit that the title of this post on CNN drew me in. But secondly, I just wanted to see if I could take a picture of a 100 dollar bill and photoshop it into the window of a houe. I failed in that attempt, but I might as well tell the story briefly.

The housing market has sunk so low in places that real estate is being offered for ridiculous prices. The subject of this article was a foreclosed piece of property that was $95 for the property and $5 for the house.

OK, so there are a few catches. You have to move to Detroit. You couldn’t pay me to move to the home of my mortal hockey enemies, where everything is upside-down (what is this with Canada to the south?). But even if that was cool with you, these are definitely fixer-uppers with an emphasis on the fixer-upper. Non-handypeople need not apply. The other catch is that the properties in question are in pretty run-down areas.

However, the word is that artists are being drawn to the area because of the crazy deals. I imagine that there might be some excitement about the cheap houses - if you could only see the junky “lofts” that are rented to artists and musicians for sky-high prices in downtown LA…

Actually, according to the article, the state is going to start PAYING people $25,000 to buy a home, as long they pay 1% of cost and actually live in it. I guess the cost to fix it up is so prohibitive and the areas are so run-down, that the state is willing to use part of the relief fund to get people into the houses.

I can’t think of anything else to say. New Homes For $100! Just remember to read the fine print. And bring your belt sander along.

Source: CNNnnnnnnn