Homes Hit Stockton Auction Block - News10.net
09.02.09
STOCKTON, CA - Even with the number of foreclosures climbing in virtually every community, Stockton has been particularly hard-hit by the nation's real estate nosedive.
Now, some of those empty homes are in the hands of new owners.
Several hundred valley area homes were auctioned off Sunday at the Stockton Civic Center, part of a six-day home auction tour of northern California properties hosted by USHomeAuction.com.
With homes of all shapes, sizes and conditions hitting the block, buyers Sunday scooped up foreclosed homes at a rapid pace, many selling for 30 to 60 percent below market value.
Many $200,000 to $300,000 homes were sold for less than 50 percent of their assessed value, while some lower-end fixer-uppers changed hands for under $50,000.
"With the economy the way it is right now, foreclosures have definately been picking up. This is basically an opportunity for individuals who didn't have the opportunity to purchase properties before to now come in," said USHomeAuction.com manager Jose Robles.
Source: News10.net, CA
Five US Cities Where Real Estate Has Been Hardest
The upside to this down furnish is that investors now have a plethora of investments to choose from. From sea to shining sea, you see For Sale signs popping up on front lawns everywhere. It is, most definitely, a purchaser’s market and will be for some time to come.
The very best deals are typically in the markets that are hardest hit. If you want to grasp where to investigate for investments, you should check out the following five U.S. cities for the best real estate deals:
#1 - Detroit, MI - The bishopric hardest hit by the economy, Detroit, experienced 4.8 times the national average for foreclosures last year. Homes in this big apple start from as low as $1,400.00. No, that’s not a typo. They literally start from as low as one-thousand four-hundred dollars. That’s about $1.22 per square foot. It would charge you more to build one of these houses. So, how could you not invest in rental property in this city with prices this low? Detroit, however, is not known for its safety. No, on the adverse, it’s actually the second most dangerous city in which to live in the whole U.S. of A. Regardless, you have to admit, that is some pretty tempting pricing on that Detroit actual estate. Keep in mind, you don’t have to live there to invest, and there are property management companies that you can hire to manage the property for you.
#2 - Stockton, CA - This burg has 4.8% of its households in some form of foreclosure action. Homes in Stockton start from as low as $20,000, and rent for as low as $390 per month. That’s a reputation low for even the Stockton area. Speaking of records, there a record number of homes being auctioned off in this area, too. It’s unfathomable. Who would not fancy to invest in this area? Unfortunately, this city is not known for being safe, either. Stockton ranked number eight on the list of the most harmful metropolitan areas in which to live. There are some very good deals here, though, so you may want to pencil one of these auctions into your busy investing plan.
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