In what appears to be yet another sign that the housing market is in meltdown mode, a home that was built on ABC’s show “Extreme Makeover” in 2005 is now facing foreclosure.
Over 1,800 people helped to demolish a family’s home and replaced it with a beautiful mini-mansion within six days in January 2005.
Story is that the family used the pimped-out digs as collateral for a $450,000 loan to start a construction business that failed. Yikes! It's set to go to auction at the Clayton County Courthouse in Atlanta on August 5.
According to the Standard & Poor's/Case-Shiller housing index released on Tuesday, housing prices dropped by a record 15.8% in May. No city in the index saw price gains in May and there has not been an overall home price increase in any month since August 2006. Las Vegas recorded the worst drop, with prices dropping 28.4 percent in the month and Miami came in second, with prices down 28.3 percent.
Fortunately, seven metropolitan cities (Tampa, Fla., Boston, Detroit, Minneapolis, New York, Dallas and Atlanta) showed smaller annual declines.