Looking for a house on a budget? How does $1 sound?

A 'For Sale' sign stands in front of a house on May 31, 2011 in Chicago, Ill.

Looking for a steal on a house? There's a handful of homes in Indiana going on sale for one dollar. But there's a catch. There are strict rules around making sure the houses are fixed up and compliant with city code quickly after you buy the home. They're available to locals in Gary, Indiana -- a city hit hard by the mortgage crisis and the long decline of U.S. steel. 

Karen Freeman-Wilson, mayor of Gary, Indiana, joins Marketplace Morning Report host David Brancaccio to discuss. 

Click the audio player above to hear more. 

About the author

David Brancaccio is the host of Marketplace Morning Report. Follow David on Twitter @DavidBrancaccio

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