How Bad Can it Get? This is how bad...

I

IrvineCommuter_IHB

New member
How far can house value fall? 30 percent? 50 percent? 99 percent?



<a href="http://news.yahoo.com/s/ap/20081001/ap_on_fe_st/odd_cheap_home">Bid of $1.75 on eBay gets abandoned Saginaw home</a>



With a winning bid of just $1.75, a Chicago woman has won an auction for an abandoned home in Saginaw.



Joanne Smith, 30, recently was the top bidder for the home during an auction on eBay, The Saginaw News reported. Her bid was one of eight for the home.



"I am going to try and sell it," she told the newspaper. "I don't have any plans to move to Saginaw."



Smith said she hasn't seen the property or visited Saginaw, which has been hard-hit by economic troubles in recent years.



There's a notice on the door of the home saying a foreclosure hearing is pending, the newspaper said. She must pay about $850 in back taxes and yard cleanup costs.



The Saginaw News said it could not reach the seller, Southern Investments LLC, for comment.
 
I've been seening some homes in Aliso that would make GREAT rentals. With someting liek 20ish % down you could probably make 7% cap rate.



But then again, we will have to wait and see just how bad it really gets.



-bix
 
[quote author="IrvineCommuter" date=1222907491]How far can house value fall? 30 percent? 50 percent? 99 percent?



<a href="http://news.yahoo.com/s/ap/20081001/ap_on_fe_st/odd_cheap_home">Bid of $1.75 on eBay gets abandoned Saginaw home</a>



With a winning bid of just $1.75, a Chicago woman has won an auction for an abandoned home in Saginaw.



Joanne Smith, 30, recently was the top bidder for the home during an auction on eBay, The Saginaw News reported. Her bid was one of eight for the home.



"I am going to try and sell it," she told the newspaper. "I don't have any plans to move to Saginaw."



Smith said she hasn't seen the property or visited Saginaw, which has been hard-hit by economic troubles in recent years.



There's a notice on the door of the home saying a foreclosure hearing is pending, the newspaper said. She must pay about $850 in back taxes and yard cleanup costs.



The Saginaw News said it could not reach the seller, Southern Investments LLC, for comment.</blockquote>
I wonder what she can sell that place for...$5,000?
 
if you think that's bad, look at what you can buy in detroit for less than $10k. and this is excluding foreclosures.



<a href="http://www.trulia.com/MI/Detroit/#for_sale/Detroit,MI/0-10000_price/resale,new_homes_lt/">http://www.trulia.com/MI/Detroit/#for_sale/Detroit,MI/0-10000_price/resale,new_homes_lt/</a>
 
You must log in or register to reply here.
Back
Top