subject: Foreclosure News Have Made Homes More Affordable For Possible Buyers [print this page] 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. The rate of foreclosures has slowed down but there are still a lot of foreclosed homes that are for sale and their prices are still dropping. The average home values for foreclosures in the different states indicate that single-family homes, condos, duplexes and triplexes can still be acquired at basement 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. Amazingly, some of the homes are being sold at prices that are only 50 percent of their original values. In Florida, single-family homes are available at the average value of $112,000, condos are available at the average selling price of $86,000, and duplexes and triplexes are being offered at the average value of $113,000. 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.
Foreclosure news in California has also revealed a rise in the demand for houses that are being marketed at bargain 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, California condos are being marketed at the average price of $195,000.
And in Ohio, foreclosure news has revealed that the prices of real estate properties have reached record low levels. The average value of single-family homes is $63,000, while condos can be purchased for approximately $77,000. On the other hand, duplexes and triplexes are available at $24,000.
On the other hand, foreclosure news is bad news for homeowners who are undergoing financial difficulties, particularly those who have lost their jobs. These people want to sell their houses because they can no longer afford the mortgage payments. 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.
by: Michael Bartonolis
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