Foreclosured home prices attract unlikely new buyers

There’s an article on mlive.com in Flint, Michigan, that says foreclosure prices are getting popular with people who you normally wouldn’t think of us home buyers……like the 18 years old recent high school graduate profiled in their story.

The young woman wasn’t looking to buy a home, but when she saw the foreclosure a few blocks from her parents’ house she could pass up the deal. She paid $47,500 for a 1,600-square-foot home that needed some little fixing up. After adding the closing cost to the price, her mortgage was $52,000 for the home that was appraised at 88K and sold in 2001 for 142K. While her friends are paying rent, her mortgage is only 570.00 a month.

Maybe Realtors need to start advertising in the high school yearbook!

Read the article here

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• October Foreclosures Drop Dramatically to Near 2008 Lows
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