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, real estate investors have become very much interested in foreclosed homes and many properties have multiple bids from various potential buyers.
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. 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. In Michigan, single-family homes are being offered at the average value of $61,000, condos are being marketed at the average price of $61,000, and duplexes and triplexes are available at the average price of $14,000. Foreclosure news has indeed shown an increase in the variety of choices for both real estate investors and other kinds of home buyers.
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 want to sell their houses because they can no longer afford the mortgage payments. The bad news is that they are now facing tough competition from the very low prices of foreclosed properties. Thus, more foreclosure news is to be expected because homeowners are unable to sell their properties and are being forced into foreclosure.
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Author: Michael Bartonolis