“Nationwide, about 3,800 foreclosed homes sold for $1,000 or less in the first 10 months of this year, according to First American Real Estate Solutions, a data provider in Santa Ana, Calif.” That’s what was reported in an article by James Haggerty in the Wall Street Journal.
It seems banks are eager to divest themselves of foreclosures rather than hold them, as market fears (real or imagined) make them nervous to hold them. Of course, before buying any home, you should do a pre-purchase inspection, a title search, and all of the other things prudent home buyers do. That goes double for foreclosures, as most sales are “as-is, where-is.”
If you would like to read the full text of the article on ridiculously low foreclosure prices, click here.
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