It's now possible to buy a Sacramento home for less than the price of a Honda Accord.
At least two dozen homes in the Sacramento region sold during the last three months for $25,000 or less, and more are coming onto the market almost daily – a record number for this decade in such a short period of time.
For that price, you can get a home with a leaky roof. Or severe fire damage. There's a strong chance someone squatted in the home, taking everything good – pray for deals on copper piping – and leaving a lot of bad: trash and holes in the walls, if you're lucky.
In Oak Park and Del Paso Heights, for example, median home prices have fallen 80 percent from their mid-2006 peak to around $60 a square foot. That's about the cost of a house today in the 120-degree, high desert heat of Needles, Calif.
Never miss a local story.
Still, in some ways the rock-bottom prices are a boon for the areas, according to real estate experts and community activists. All these houses are foreclosures; many have been vacant for more than a year, stripped by thieves and sucking the surrounding neighborhoods deeper into blight.
Offer homes for $25,000 and investors swoop in, even though typically they must pay cash and spend more to fix them up. Once repaired, the homes can become cash cows.
To read the complete article, visit www.sacbee.com.