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. 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 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. 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 price for single-family homes in California is $204,000, while triplexes and duplexes are being sold at about $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. Thus, more foreclosure news is to be expected because homeowners are unable to sell their properties and are being forced into foreclosure.