Foreclosures Give Rise to Cheaper Homes

November 21, 2008

Foreclosure properties can still offer a bright side. This is what buyers of home units learn from US states that have a rise in the number of foreclosure homes. Such states now offer cheaper and affordable houses.

Although foreclosure-related problems are really saddening, they can still provide people with an advantage. Some areas in the country are crippled by the crisis in housing facilities. Given this situation, people can now come up with great home buying deals from places that have foreclosure problems.

Florida, in particular, has had quite a lot of foreclosures. So, home buyers can expect a home shopping spree in the said sunshine state. One of the people who have seen the said opportunity is Florida resident Cindy Mediate. Mediate said that she had long wished for a big house that could accommodate her future family.

Cindy also said that the $360,000 house they bought is worth every penny. The Mediates now have a pool and spacious yard where their future children could run around. Cindy and husband Marc are planning to have kids soon.

Florida real estate agent Kelly Price also echoed the Mediates remarks. She said that buyers would definitely find great deals in the state, something that she last saw 19 years ago.

Price also beamed that houses appraised with worth of $300,000 to $400,000 are now reported to be sold at lesser rates. This real estate agent also witnessed the drop in price of a $1.2 million home to $799,999. Price said that the said information is just a proof of the shift in the housing market.

It seems that Florida isn’t just the state with a similar situation. Based on the report of California-based market researcher RealtyTrac, Arizona has already claimed the second highest position of states with the most number of foreclosure properties.

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