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Foreclosure News: Low Cost Homes For Buyers

Foreclosure news is causing home buyers, particularly real estate investors, to realize that it is the proper time to buy real estate properties in view of the continuing drop in home values. Despite the slow down in the foreclosure market, there are still many properties being made available in the market and home values are continuing their down trend.

Author: Michael Bartonolis
Date: Nov 9, 2009 - 5:04:50 AM

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Investors and other home buyers have been finding out that the time is right to purchase real estate properties in view of the foreclosure news and the declining home prices.  Despite the slow down in the foreclosure market, there are still many properties being made available in the market and home values are continuing their down trend.  The average sale prices of foreclosures in various states show that single-family homes, duplexes, triplexes and condos can be bought at bargain prices.  Thus, many investors in real properties have expressed their interest in foreclosed properties and are even competing against each other in acquiring certain properties.

Foreclosure news has revealed the availability of single-family homes in Ohio, Texas, Florida and Michigan at relatively low prices.  There have also been cases where the asking price for certain properties is only one-half of their original price.  Single-family homes in Florida are being sold at an average price of $112,000, duplex and triplex homes are being priced on the average at $113,000 and condos are being sold at the average value of $86,000.  Meanwhile, single-family homes in Michigan have an average price of $61,000, duplexes and triplexes are being offered at the average value of $14,000, and condos are being marketed at the average price of $78,000.  Thus, foreclosure news has made known the large number of choices for various home buyers, particularly the real estate investors.

In California, foreclosure news has also shown an increased demand for homes being sold at very low prices.  The average value of single-family homes in this state is $204,000, while duplexes and triplexes are available for approximately $268,000.  Meanwhile, condos in California are available at the average value of $195,000.

And in Ohio, foreclosure news has revealed that the prices of real estate properties have reached record low levels. Single-family homes can be acquired at an average price of $63,000, while condos can be bought for about $77,000.  Meanwhile, duplexes and triplexes are being marketed at $24,000.

Unfortunately, foreclosure news means something else for owners of properties who have lost their jobs or are suffering from financial difficulties.  These people are finding out that it is impossible to continue with the mortgage payments and they may want to sell their homes.  Unfortunately, the bargain prices of the foreclosed homes are too much competition for them.  This trend is expected to fuel more foreclosure news as homeowners discover that they have no other choice but accept foreclosure.

View all articles by Michael Bartonolis

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