The cost of a house can never drop below construction cost right?
“We’re having a difficult day,” said Tom Atkins of Zetabid, the company holding the auction. “There was a $1,000 property that no one bid on. You’d think a slum lord at the very least would buy it and put a (federal housing assistance voucher) renter in there for $600 a month.”
Tags: bankruptcy, boondoggle, consumer expenditure, credit, crisis, debt, deflation, deleveraging, fiat money, fraud, implosion, joblessness, leverage, mark to market, money multiplier, personal consumer expenditure, politics, poverty, scandal, toxic assets, unemployment, war, white collar crime