The $103,000 shack: a perfect explanation of why housing is a mess

http://www.creditwritedowns.com/2009/01/the-103000-shack-a-perfect-explanation-of-why-housing-is-a-mess.html

If you are wondering why the U.S. housing market is a mess, watch this video about a $103,000 mortgage that was used to finance a shack –literally, a shack. Of course, the mortgage was packaged with a bunch of others into a mortgage backed security, which was rated AAA.

This scenario sums up the mess that was the U.S. housing market pretty nicely. Wait until you hear what this piece of property recently sold for.