Here is what you can buy with 100,000 USD on the real estate market in the USA. The decline of the real estate American market has determined, in some regions of the USA the decrease of prices of foreclosure homes by tens or even hundreds of thousands USD according to ABC.
Foreclosure homes in Florida, Arizona, or Nevada, which before the foreclosure crisis were estimated at 150 – 200,000 USD, are offered now at 100,000 USD and even at this price they can hardly find purchasers. ABC reporters have tried to see what you can buy with 100,000 USD in several areas of the USA. For example, in Homestead, a city in Miami – Dade County, a real estate project of the townhouse kind, finished last year is sold for 92,000 USD after initially it was released for sale at 140,000 USD.
In Fort Lauderdale, at several tens of meters from the Atlantic shore, foreclosure homes of two rooms, bought in 2004 for 135,000 USD are sold now for 95,000 USD. In six months since they were put for sale, their owners have not received any offer. Actually, on the real estate market in the South of Florida, which was in the last decade the witness of a real “boom” of residential constructions, are offered for sale now over 78,000 apartments and foreclosure homes, compared to only 14,000 three years ago.
Foreclosure homes in the suburbs of the city Phoenix, having three bedrooms are sold for 99,000 dollars, whereas foreclosure properties with three bedrooms and two garages not far from Las Vegas are offered for sale for 95,000 dollars. Another example offered is of foreclosure homes with two bedrooms and brick fireplace in Minneapolis, which can be purchased for 84,900 dollars.
Moreover, in a relatively central neighborhood in Dallas, a foreclosed house of about 215 square meters, which was worth of 160,000 USD last year, is offered for sale by the bank for 109,900 USD. The real estate agent who deals with the foreclosure homes sale has declared that he is convinced that he can get it for 100,000 USD.
In Dallas, as well, a foreclosed property with three bedrooms, a big kitchen, and a swimming pool is currently sold for 99,000 USD, after the homeowner has offered it initially for 139,000 USD. Meanwhile, a bungalow of three bedrooms in the suburbs of Los Angeles is sold for 98,900 USD and a recently renovated house in Cincinnati is sold for 100,000 USD.
Taking into consideration the condition of the economy, there are opportunities for people to buy foreclosed homes at prices, which they did not dream at two years ago, says Ron Shuffield, the president of EWM, one of the greatest real estate agencies in the south of Florida.
Record of Foreclosure Homes Requests
In this context, Realty Trac (a company in California, which monitors the real estate market) has announced that the number of foreclosure requests reached a record level in 2008, increasing by 81% compared to 2007 and 225% compared to 2006.
Kevin Simpson, has been working on ForeclosureRepos.com studying the foreclosures market, helping buyers on the finer points of foreclosures homes. Try to visit ForeclosureRepos.com and begin your foreclosure homes by state search.
[tags]foreclosure homes, foreclosure, foreclosed homes, foreclosure properties[/tags]
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