Home prices are hitting new depths in most major U.S. cities. In a majority of metro areas tracked by Standard & Poor’s/Case-Shiller, prices have fallen to their lowest points since the housing bubble burst.
High unemployment, stricter lending rules and fears that prices will continue to fall are among the reasons why few people are buying homes. A rising number of foreclosures are also weighing down prices. And as more people get stuck in depreciating homes, housing could slow the economy.
Amid all this doom and gloom are some wonderful buying opportunities. If you have the means, now may be a good time to buy provided you want to keep the house for at least 7 to 10 years. Believe it or not, there is a 3 bedroom, 1 bath home for sale in Detroit, Michigan. Asking price is $7. You may be too late on this one as it is listed as sale pending. Check out the article on CBS Money Watch. http://moneywatch.bnet.com/saving-money/blog/home-equity/foreclosure-for-sale-7-i-am-not-making-this-up/3961/