Posted on: 03-11-07 15:42:08
Was watching CNN this morning (open house segment). Baffled to see that there are so many foreclosures in USA. Michigan is the hardest hit. Subdued economy and sub prime mortgage have taken a heavy toll on that state. They showed a 3 BR small house that was up for sale (due to foreclosure) for $9,900. And it was mentioend that u can buy a house for less than a new car. Still they can find few buyers even for that amoutn. Investors are reluctant to invest in housing there. That's really terrible.
DIO
Does that mean it is a good time to buy somehting in US
cheers
Quote:
Originally posted by desi in ottawa
Was watching CNN this morning (open house segment). Baffled to see that there are so many foreclosures in USA. Michigan is the hardest hit. Subdued economy and sub prime mortgage have taken a heavy toll on that state. They showed a 3 BR small house that was up for sale (due to foreclosure) for $9,900. And it was mentioend that u can buy a house for less than a new car. Still they can find few buyers even for that amoutn. Investors are reluctant to invest in housing there. That's really terrible.
DIO
Detroit is currently in a very bad shape. Half the jobs have disappeared over the last few years beacuse of job cuts by Big 3.
Quote:
Originally posted by rsk12
Does that mean it is a good time to buy somehting in US
cheers
Depends on the city
I am in Arkansas, Little Rock and the average price of a 3 Bed hous e is 200,000 $ to 300,000$ depending on the amenities and locality.
If houses are that cheap in Detroit that means there is a big employment problem in that region.
-----------------------------------------------------------------
You know you are a desi when ........ You spew forth the virtues of India, but don't want to live there...............You've never had a tanning salon membership
