Price Declines, Vandalism Up, Opportunities Increase for Home Buyers…
scottsent August 16th, 2008
A Combination Of Steep Price
Declines, Vandalism, Provides
Additional Opportunities For
Home Buyers
To many, home price declines are not new news. What is new, is that the amount of the price drops in California have outpaced the median declines country wide 17% vs 8%. A good article that provides detail on the condition of the real estate market can be found at:
http://online.wsj.com/article/SB121872469169840795.html?mod=residential_real_estate
In addition, some homes in the 0-$100,000 range (with long days on market) are also high targets for vandalism. Many banks are seeking to unload these homes, at up to 50% reductions in price, because they are a huge financial & administrative burden.
Specifically, the code enforcement has been on the rise, citing banks and charging them stiff fines to keep these homes in good condition. Some of these lower priced homes have been vandalized, repaired, and then vandalized again.
Since the homes are already not as significant an assset as higher priced homes, banks seek to unload these the quickest.
For those first time buyers or investors looking for exceptional deals on properties, this may represent an additional opportunity to get a great home at a great price.
- Real Estate Market Trends
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