Oct

6

House sells for $1.75 on eBay

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In a sign of trying times for the US housing market, a woman from Chicago has won an online bid to acquire a house for a mere $1.75, less than the price of McDonald’s value meal.

The 31 year old woman who won the house in an online auction on the popular site eBay.com is from Chicago and is named Joanna Philips. The house in question is located at Saginaw in the state of Michigan and received eight bids in total before being sold to Philips on Wednesday evening for $1.75.

However, the Saginaw News reported that the new owner would have to cough up another $850 for back taxes and a trash or weed clean-up of the yard. Philips said that she had no plans as yet of moving from Chicago to the new house and would be looking to resell it. The seller was reported to be Southern Investments LLC and if the pending fees are not paid by Tuesday, March 31, the city would issue foreclose proceedings on the house.

The US housing mortgage market was in the grip of a severe crisis last year and its after effects have not only left thousands of homeowners facing foreclosures but have also led to the collapse of several major housing finance companies.