Real Estate Foreclosures » Foreclosures all over the USA

Foreclosures all over the USA

Posted on January 19, 2009
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The decline on U.S. real estate market has led in some U.S. regions, to low prices of homes with dozen or even hundreds of thousands of dollars, according to ABC. Houses in Florida, Arizona, or Nevada, which before the outbreak of the foreclosure crisis have been estimated at 150-200,000 dollars, are now offered for 100,000 dollars and anyway they cannot find very easily buyers.ABC reporters have tried to see what you can buy with 100,000 dollars in a few areas in the United States. For example, in Homestead, a city of Miami-Dade County, a real estate townhouse project, completed the previous year, sells for 92,000 dollars, after it was initially released for sale at 140,000 dollars.

In Fort Lauderdale, at a few dozen meters from the Atlantic coast, an apartment with two rooms, bought in 2004 for 135,000 dollars, is offered at 95,500 dollars. In six months since they have released it for sale, the owners have not even received any offer. Moreover, on the real estate market in southern Florida State, which has been in the last decade witness of a real “boom” of residential construction, are offered for sale in the present over 78,000 houses and apartments, compared to only 14,000 three years ago.

Houses in Phoenix City suburbs, with three bedrooms, are sold for 99,900 dollars, while a house with three bedrooms too and two garages near Las Vegas can be sold for 95,000 dollars. Another example given is that of a house with two bedrooms, made of brick in Minneapolis, which can be purchased with 84,900 dollars.

In addition, in a relatively central neighborhood of Dallas, a house of almost 215 square meters, which was worth 160,000 dollars last year, is released for sale by the bank with 109,900 dollars. The real estate agent in charge of selling the house said he was convinced that you could get it for 100,000 dollars.

Moreover, in Dallas too, a house with three bedrooms, a large kitchen, and a large swimming pool is now sold for 99,000 dollars, after the owner has originally offered it at 139,000 dollars.

At this time, a three-bedroom bungalow in the suburbs of Los Angeles sells for 98,900 dollars and a recently renovated house in Cincinnati is released for sale for 100,000 dollars.

Considering the situation of the economy today, there are opportunities for people to buy foreclosures at prices that they have never dreamed of two years ago, according to Ron Shuffield, president of EWM, one of the largest real estate agencies in south Florida.

Foreclosures Records

In this context, RealtyTrac (a California company that monitors the real estate market) has announced that the number of foreclosures requests has reached a record level in 2008, increasing by 81% compared to 2007 and 225% compared to 2006.Foreclosure requests nationwide reached 3.16 million, and one of 54 U.S. homes received at least one such request. Most of the foreclosure requests have been recorded in Nevada (7% of all the homes), Florida, and Arizona, followed by California, Colorado, Michigan, Ohio, Georgia, Illinois, and New Jersey.

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