Some Foreclosed Homes Going For Dirt-Cheap Prices

7 years 3 weeks 1 day ago Thursday, May 24 2012 May 24, 2012 Thursday, May 24, 2012 6:36:41 AM CDT May 24, 2012 in News
Source: AP
By: Associated Press

ST. LOUIS (AP) - Foreclosed homes typically sell cheap, but just how cheap is surprising some buyers in the St. Louis area.

The St. Louis Post-Dispatch (http://bit.ly/KhEvCk ) checked public records and found that some homes in the region are going for small fractions of the price they brought at market-rate sales just a few years ago.

One buyer paid $12,000 for a 1,600-square-foot suburban home assessed at nearly $90,000.
Investor-buyers are combing the market for bargain-bin listings, hoping to quickly flip them or rent them out.

They're taking advantage of banks and other lenders eager to move toxic assets off their books.

But the low-priced homes also affect their communities, lowering property values and discouraging improvements to neighboring homes.

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