One Dollar Houses

Long ago I posted a story about the fifty dollar and up underground house. I never thought I’d be undercutting that. Looks like $1 is the benchmark again for foreclosures…

Race heats up for $1 homes | | Detroit Free Press

The cities where the homes — mostly abandoned and in disrepair — are say the county is trying to poach what belongs to the cities. Many of the cities had applied or were planning to request the $1 homes when they learned Wayne County was doing the same thing. Many had plans to rehabilitate the homes, sell them to the public or employees or demolish those in the worst shape.

But it’s not just in the US that the effoects of the housing bubble are being felt, check out this story about the international effects…

U.S. housing collapse spreads overseas – International Herald Tribune

The collapse of the housing bubble in the United States is mutating into a global phenomenon, with real estate prices down from the Irish countryside and the Spanish coast to Baltic seaports and even in parts of India.
This synchronized global slowdown, which has become increasingly stark in recent months, is hobbling economic growth worldwide, affecting not just homes, but also jobs.
In Ireland, Spain, Britain and elsewhere, housing markets that soared over the past decade are falling back to earth. Experts predict that some countries, like Ireland, will face an even more wrenching adjustment than the United States, with the possibility that the downturn could turn into wholesale collapse.

Can things get worse on the housing front for the western nations?

I think so… I hope not.

Published by Mike Thomas

Mike Thomas P.Eng. ENV SP, is the author of and Director of Engineering at the City of Revelstoke in the Interior of British Columbia, Canada.