Ohio Homes Sell For As Little As $7,000

[OhioChick]

Dozens Of Homes For Sale For Less Than $20K

POSTED: 11:52 am EST February 5, 2009
UPDATED: 12:03 pm EST February 5, 2009

The dismal housing market has people in the Cincinnati area buying homes for less than they would pay for cars.

TV station WLWT reported that homes can be found for dirt cheap in communities such as Corryville, Walnut Hills and the west side of Cincinnati.

Real estate agents there said homes that went for $99,000 in 2005 are now going for anywhere from $7,000 to $20,000.

Currently, there are 184 homes for sale for less than $20,000 in the greater Cincinnati area.

"I can tell you, in 30 years I probably can't even remember ever having a house at $20,000," real estate agent Norma Brown said.

Most of the inexpensive houses are foreclosed properties sold by banks looking to cut losses. That means the sale price can be as little as a third of what the property is worth.

However, most of those homes will need a lot of work, and most buyers are looking to buy cheap homes to renovate and make a profit.

http://www.newsnet5.com/money/18648457/detail.html

This is so sad....lose your job, your home....and to see it being sold for so little. :(

[sasquatch]

1. My God, we're in Depression era like deflation

[kestrel91316]

2. Hmmmm. Nice retirement homes for folks whose 401ks and such

are no longer worth anything........

We paid $20k something for the house my parents bought in Roy, UT when we moved there in 1969...........

[Earth_First]

3. "...and most buyers are looking to buy cheap homes to renovate and make a profit"

Not this again!

[sasquatch]

5. Exactly

[roguevalley]

33. some people need a hammer blow to the head to get it.

[4 t 4]

37. Republicans need a hammer blow no doubt

after watching C-Span 2 today OMG they are very evil or completely clueless

[roguevalley]

40. it blows me away too.

[Connie_Corleone]

4. Based on the neighborhoods, those houses were overpriced in 2005.

[Kolesar]

7. Does the neighborhood look like the pic on the channel 5 link?

Close-in houses with scant yards?
Are they near transit?

[Connie_Corleone]

14. I don't know if that picture is of an actual Cincinnati neighborhood...

But it looks similar. The neighborhoods mentioned have bus service. I used to live next to Walnut Hills. There is one part of Walnut Hills that's upper middle class. The other part is working-class.

The west side is working-class.

[Kolesar]

19. If the Ohio Supreme Court strikes down residency requirements, city employees will sell off homes in

Cleveland. I fear it will start a selling trend and lead to a price collapse and worsening of the city. I don't know if Cincinnati or the other big old Ohio cities have that risk.

The editor of the Plain Dealer, Brent Larkin, wrote about this.

[Ikonoklast]

18. Overpriced for the buyers, but not for the mortgage vultures.

I wonder just how much of that inflation was for pumped-up values to sell a big mortgage to a minimally-qualified buyer.

I would venture that these homes have no copper left in them, with a sixty-year old heating plant, and a leaky roof.

The only people that would want them are re-habbers and flippers, with cash or perfect credit. Lots of work needs to go into these places before they are habitable.

[iamthebandfanman]

35. i was thinking the same thing

i live in northern kentucky so i frequent the cincy area a bit

[4 t 4]

38. Your right Connie

way overpriced Thanks to the fucking banks they set the whole thing up. to tired to go into it but will if someone wants me to. It's all the banks fault not the people.

[SammyWinstonJack]

6. Something is just so wrong with this. Meanwhile CEOs are whining about salaries capped at

HALF A MILLION DOLLARS/YEAR!

[Lorien]

9. Amen! Talk about losing touch with reality

those CEOs don't seem to live on the same planet as the rest of us. People are losing everything and the banks are falling apart because of THEIR greed and mismanagement, yet they want MORE than half a mil to keep screwing us over? :crazy:

[nc4bo]

17. A bank/investment firm CEO could buy alot of $7k houses and put some hurting Ohio folks in them...

Wouldn't that be a really nice gesture? Yea, I think so too.


Money, get back.
Im all right jack keep your hands off of my stack.
Money, its a hit.
Dont give me that do goody good bullshit.
Im in the high-fidelity first class traveling set
And I think I need a lear jet.

Money, its a crime.
Share it fairly but dont take a slice of my pie.
Money, so they say
Is the root of all evil today.
But if you ask for a raise its no surprise that they're
Giving none away.

[SammyWinstonJack]

22. Sure, but I won't hold my breath.

[samplegirl]

8. Hi Ohiochick...thanks for your informative posts!!! Heres a look

at our newspaper today.

http://www.tribtoday.com/page/content.detail/id/517486.html?nav=5021

[OhioChick]

10. That's sad....

Ohio is just withering away....you should see Cleveland. :(

I posted this in LBN today...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3724569

Nice hearing from you. :hi:

[samplegirl]

15. Here's the Eighteen peices of shit.....

I hold accountable for Ohio's decline!!!! All voted NO to the auto bailout















:hi: enjoy your posts!!!

[we can do it]

31. I TOTALLY Hate Kevin Coughlin

disgusting little puke

[Lorien]

13. and the repugs commenting on the story all blame the Democrats

the unions, and "big government over regulating business to line their own pockets". They're reaping what they have sown and have no idea why!

[Kolesar]

23. Ohio GOPs have favored rural Ohio over urban Ohio in development policy

And we are seeing the results. I think they were too stupid to understand the value of redeveloping the real economic centers of the state.

[OhioChick]

42. You're absolutely right. n/t

[samplegirl]

24. They all blame Pelosi....

the only thing I blame on her is that she did'nt start impeachment in 2006!!!

[corruptmewithpower]

11. Maybe I should move.

Median home price is 300,000. here in San Diego. That's down from almost half a million, but we need a whole lot more deflation before my wife and I can buy one.

[liberal N proud]

12. Investment property

Anyone with extra cash could make a killing here. Extra cash might be a problem.

[KittyWampus]

20. But in Ohio? Even with an eventual uptick, is there THAT much money to be made?

I could see an area like Providence RI. There are gorgeous Victorian homes but depressed economy. It's near Boston and not that far from NYC. It's near beaches.

[northernlights]

32. I doubt you'd see prices that low

in Rhode Island. Or anywhere near the New England coast, for that matter...

[KittyWampus]

16. Does Ohio have areas where brand new developments stand empty?

[Kolesar]

26. No, but I have seen vacant, repossessed homes in upscale neighborhoods

Ohio's population has been stagnant for decades so there is not a huge pressure to develop the exurbs.

[liberal N proud]

28. Cleveland suburbs have some

I drive through a sub-division once a week, all laid out and several homes built, many lots sitting empty. The prices set for the houses when they started the sub-division was $240K they have continually lowered it as the housing market dried up. The latest posted price is $130K

Mc Mansions across the street, many homes are empty, being foreclosed. I went for a walk in the fall, you could quickly see the ones that were in trouble, the lawns were un-kept.

[samplegirl]

29. Yes

Maybe I can squat in one...cause I won't be able to afford a nursing home.

[FedUpWithIt All]

41. There are a few in NE Ohio.

There is an insanely massive development that was being built just as things started to go south. Blew my mind how foolish some people are.

[Oregone]

21. If a bank needs to resale a home for $20K, why didn't they refi at that principal with the owner?

Does that make any fuckn sense?

[rucky]

34. THAT is the question!

[KittyWampus]

36. they don't own the rights to the mortgage term themselves anymore?

[ColbertWatcher]

25. "... lose your job, your home....and to see it being sold for so little."

And the people buying them up are the ones benefiting from the bailout.

[SoCalDem]

27. Maybe it's worth a trip to Ohio... I'd hate to move back to the "cold" though

A friend here just bought a 4 BR house..built 5 years ago..for $77K.. It needs cosmetic work, but she's amazed at the price she paid.. It last sold in 2006...for $300K..

[sasquatch]

43. You can hang out with me though

:bounce::hi:

[we can do it]

30. Even Less In Akron

I'll try to find the depressing link.

[4 t 4]

39. In Indiana

there are 47,000 homes for sale. The kind of homes that have all oak and stained and leaded glass and oak carved heater covers for sale as low as 40-50 thousand that just a very short time ago were selling for up-wards of $300,000 very sad state of affairs we are in-very sad.