Back on October 1, I wrote an article about how eventually we would see houses offered for free. It has come true, and sooner than I expected. A family in Harrisburg, Pennsylvania was given the house for free by a local non-profit organization, which had bought the house from the Harrisburg Redevelopment Authority for one dollar.
The primary requirement for the family is that they have to live in the house for the next ten years, at which time title would be turned over to them. They would also have to pay maintenance and utilities, but no mortgage or rent.
This could be it. I predicted that when we see free houses, that it would be the turning point in the real estate market. Maybe this is a one time event; however, if we see more free houses being given away, it means we've hit bottom and its time to start looking for real estate opportunities. It will still be a long recovery, but it means the tide has turned.
By Fred Fuld at Stockerblog.com