Home prices falling - to $1.75 on Ebay

October 2, 2008

This is definitely a buyer’s market. A Chicago woman bought a house in Saginaw, Michigan on eBay with a winning bid of $1.75. Thirty-year-old Joanne Smith, who has neither seen the property nor visited Saginaw, plans to sell the house, which was facing foreclosure and was put on the auction site by a private company. Aside from the nearly two dollars she plunked down to purchase the home, Smith must also cough up 850 dollars in back taxes and cleanup costs. In case you’re wondering, the home received a whopping eight bids.

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