We pretty much saw this coming. The neighbors down the street from us seem to have lots of woes — every few days, they’re tinkering with their late-model car to get it started, and there’s been rumors of their electricity being shut off periodically. But it appears they’ve finally given up, and the house was put up for sale last week for the “dirt-cheap” price (at least in our area) of $200,000.
It needs a lot of updating, and the listing on the real estate agency’s website specifically says it’s being sold “as is” and needs “some TLC.” That much is obvious. The taxes are pretty low for the area, too, at $5,300.
The taxes in our current town are lower than that of the town we’d like to live in (where we went to high school), but the schools and neighborhoods aren’t nearly as good…
I’m still waiting for home prices to drop further, and it looks like the bottom is still falling out. A new report from the National Association of Realtors says the median home price in the U.S. is down 13 percent to $181,300 from $208,000 a year ago, the largest one-year drop since records began to be compiled in 1968.