A house which featured on a high-profile home makeover TV show has joined the ranks of foreclosed homes.

The Atlanta-area property appeared on an edition of the ABC reality show “Extreme Makeover” in 2005 and was built from the ground up for the Harper family.

According to the Washington Post, it took 1,800 volunteers a week to demolish the old family home and replace it with a larger two-storey property complete with appliances and furnishings.

The Atlanta Journal-Constitution says it will now go up for auction at Clayton County Courthouse on August 5 after the family used it as collateral for a $450,000 loan.

Quoted by the Journal-Constitution, an ABC statement read:

“Ultimately, financial matters are personal, and we work to respect the privacy of the families.”

The paper added the station said it advises each family to consult a financial planner after getting their new home.

A recent report from property website realtytrac.com said foreclosure filings were reported on 739,714 US properties during the second quarter of 2008 – an increase of 14 per cent on the previous quarter.

This means one in every 171 houses in the US has a had foreclosure filing in the last three months.

A Dubai-based real estate firm has announced it has generated a record return on investment (ROI) for speculators across all of its residential and commercial developments in the UAE.

Bonyan International Investment Group said buyers had particularly benefited from the Sama Al Jadaf community project, a 215-plot master development located in the Al Jadaf area in Dubai.

The project had seen over 30 per cent ROI from real estate bought by investors Al Omran, Bonyan said.

Al Omran general manager Majed Nasser Al Kimlass said:

“They offer one of the highest ROI among developers, which makes it a popular choice for local, regional and international investors seeking high-yielding investment opportunities.”

Bonyan added it believed the market is gearing up for another “cycle of intense activity” and is aiming to cater for first-time buyers in Dubai, Abu Dhabi and Ajman real estate markets, as well as investors looking to complement existing assets.

So far Bonyan has developed AED three billion worth of residential and commercial developments in Dubai, including Rose Tower and Lulu Tower, and is currently undertaking regional projects with the aim of expanding its project portfolio to AED 15 billion inside three years.

A UK city council has been given £6.53 million to invest in transforming an empty tower block into a state of the art housing complex.

Manchester City Council has been awarded the cash by the Department of Health to develop existing council-owned tower block Whitebeck Court into 92 apartments for elderly people.

Around 40 per cent of the units will be offered up for sale to individual private buyers, although all purchases must be made by property investors over 50.

The council submitted one of 25 successful bids to the department’s ‘Extra Care Fund’ and was awarded the second largest allocation of funding in the country.

Councillor Basil Curley, executive member for adult social care, said: “This investment will allow the block to become a fantastic place for older people to live. It will give them the freedom to be independent while having top quality facilities to enjoy - the block will also become a hub for other people in the local community.”

Highlights of the plan include a rooftop jacuzzi and a roof sky lounge, surrounded by glass and giving fantastic views across Manchester.

The city council is working with Northwards Housing and Great Places Housing Group to get started on the works in Spring next year.

Robin Lawler, chief executive of Northwards Housing, said he was “delighted” the firm was being involved in the project.