This Is Not Good News

A home in Saginaw, Mich. sold for a winning bid of just $1.75 to a Chicago woman. Joanne Smith, 30, recently was the top bidder for the home during an auction on eBay. Her bid was one of eight for the home. She must pay about $850 in back taxes and yard cleanup costs.

 

Five Years Ago

Not too long ago that would have been a $12,000 fixer upper house. Eager young yuppies would have added a porch, an addition, and resold it for $45,000.

 

Look To The Future

What about GMAC bonds, or Kahn Aircraft Leasing bonds? How long before the corporate jet market implodes and Mark Cuban (nee Chopinski)  dumps his $300 767 million jet? Those bonds are sitting in your 401-k, and they will be worth five cents on the dollar.