Government Auctioning Off Excess Property

President Obama ordered the sale of as many as 55,000 unused and unwanted pieces of government-owned property, enough property to produce $3 billion in savings by 2012.

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The properties for sale include the Old Orchard Light Station in Lower New York Bay off Staten Island, which was built in 1893. The minimum bid is just $45,000. In Hackensack, N.J., the government is selling the former Social Security Administration Trust Fund building for a minimum bid of $500,000.

Before the property can be put up for auction to the general public, the government must decide if the property can be used to help the homeless or for some other public benefit.

Source: CNBC.com, Eamon Javers

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