Where Do you Find Cheap Foreclosure Homes?

by : philip smith

You have been shut out of the family home market for years, watched prices spiralling, paid out a home in rent twice over; where can you go with your family and buy one of those cheap foreclosure homes?

The good news is that you have a choice, the bad news is that you would be better to consider 'affordable'' rather than 'cheap', let's face it a trailer home in foreclosure is 'cheap' to a resident of Southern California. It's an issue for many young or low income families, and it's not just limited to renowned housing hotspots like California or New York. Median house prices have soared well beyond wage increases over the last ten years, and in many cities slow progress has been made toward addressing critical housing needs. Desperation is the tone of your voice, but don't lose your common sense, affordable housing in a state where the cost of living is low would be the best goal of all, wouldn't it? More, if you need to relocate out of state likely you will want to add 'and where jobs are plentiful' to your list.

Foreclosures can be found state-wide in 2007. If we follow the trail of real estate trends to any location, there are bound to be a few foreclosure properties available nearby, and in some states and metro suburbs, nearly all foreclosure homes will be available at some level of discount off market value.

Family home prices are low in several Ohio towns according to CNN Money magazine 2007 lists. Many Ohio towns feature median prices less than $95,000, and Ohio foreclosures have listed average sales prices of around $75,000 the first half of this year.

The best kept secret must surely be Dubuque in Iowa. This small industrial town on the Mississippi has a low unemployment rate, an economy based around manufacturing, good amenities, low crime, and reasonable home prices. Iowa foreclosure sales have averaged $67,000 to $90,000 each month this year. Foreclosure filings in Iowa increased a dramatic 36% in July. Dubuque cost of living is more than 10% below the US rate.

That's just a sample, there are many locations from Mid West to South West that offer a choice of both type of family home and community among the likely increasing supply of cheaper foreclosure homes.