Local / State News
October 01, 2008
Housing Crisis Leaves Homes On eBay Selling Cheap
(Saginaw) - With a winning bid of just $1.75, a Chicago woman is getting an abandoned home in Saginaw. The Saginaw News reports 30-year-old Joanne Smith recently was the top bidder for the home during an auction on eBay. Her bid was one of eight for the home, which she says she wants to resell. Smith says she hasn't seen the property or visited Saginaw. The newspaper says she also must pay about $850 in back taxes and cleanup costs.Michigan communities are getting about $261 million dollars in federal aid to help fix up and sell foreclosed properties. The money is part of a $4 billion dollar nationwide package for state and local governments. Detroit is among the areas getting funds, with a total of about $47 million. The federal Department of Housing and Urban Development on Friday released a breakdown of how the money will be spent.
The assistance, pushed by Congressional Democrats, was included in a housing bill singed by President Bush. The White House argued against the plan, saying it would help lenders, not homeowners. The government is divvying up money based on an analysis of foreclosure levels, risky lending and mortgage defaults.
posted by Erik Anderson on 10/1/2008 12:27:07 PM
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