Dollar Dance

In the post-mortgage crisis economic climate, even the 99 cent store is having trouble selling goods for under $1. HUD, on the other hand, is still selling houses for a buck.

According to the Atlanta Journal-Constitution, HUD is selling foreclosed homes — for $1 — to local governments to create affordable housing:

"The dollar home program predates the housing meltdown, but it has become more active because of escalating foreclosures.

Governments nationwide used to buy about 100 such homes a year, according to HUD. This year that number has more than tripled in 10 months.

Still, 100-cent homes remain scarce. In Atlanta just two were on the market last month."

The story looks at a particular dollar house on Atlanta's Sims Street and shows how a home bought for $84,000 in 2000 ends up in HUD's bargain basement bin. Not surprisingly, all the plumbing and wiring have been stolen, but HUD also rejected investor offers in the tens of thousands of dollars.

To read a Flyer story about the local impact of foreclosures, click here.