KMOX 1120AM

Local

Some Foreclosed Homes Going for Dirt-Cheap Prices

View Comments
Getty/Paul Richards

Getty/Paul Richards

News

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

ST. LOUIS (AP) – Foreclosed homes typically sell cheap, but just how cheap is surprising some buyers in the St. Louis area.

The St. Louis Post-Dispatch checked public records and found that some homes in the region are going for small fractions of the price they brought at market-rate sales just a few years ago. One buyer paid $12,000 for a 1,600-square-foot suburban home assessed at nearly $90,000.

Investor-buyers are combing the market for bargain-bin listings, hoping to quickly flip them or rent them out. They’re taking advantage of banks and other lenders eager to move toxic assets off their books.

But the low-priced homes also affect their communities, lowering property values and discouraging improvements to neighboring homes.

© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 3,824 other followers