House Sold in the US for $1 or P45 Pesos ONLY!

You want to see how dire it is in the US?

Detroit News says a house in an impoverished area was sold for only $1 or about 45 Pesos! (Squatter rights here, as I previously know of, costs nearly 500-1000x more!)

Not only that the house took 19 NINETEEN days in the market for it to find a buyer, and worst, the seller a bank has had to throw in $10,000 just to get the home sold (commission, bonus and fees)!

This from the Detroit News (highlight mine), ``So desperate was the bank owner of 8111 Traverse Street to unload the property that it agreed to pay $2,500 in sales commission and another $1,000 bonus for closing the $1 sale; the bank also will pay $500 of the buyer's closing costs. Throw in back taxes and a water bill, and unloading the house will cost the bank about $10,000.”

Amazing!

“This house at 8111 Traverse in Detroit has been stripped of its siding, plumbing, copper wiring, hot water tank and furnace. Desperate to sell, the bank that owns it has put it up for sale for $1. (Bearing Group)”-Detroit News

Again from Detroit news, ``The sale price of the home may be an anomaly, but illustrates both the depths of the foreclosure crisis in Detroit and the rapid scuttling of vacant homes in some of the city's impoverished neighborhoods.”

This only goes to show how desperate it is in many parts of the US-of course this example could be representative of the extremes.

But in the currency markets, the floated story is different--the Philippine Peso is said to be weighed by US led global slowdown.

Oh really? Maybe our “poor” is now “wealthier” than the poor over there? At least they are not drowning in debt to reach such state of desperation.

And for a little hyperbole...maybe too they can afford better to buy houses over there?