Ohio HUD Homes: Less Than a Cup of Coffee?
February 26, 2008
In a recent Chicago Sun-Times editorial, Jesse Jackson claims that Ohio HUD homes are drastically underpriced:
“Ohio is also the epicenter of the housing bust. Some 150,000 homes went into foreclosure last year. Across the country, one in 10 homes are “under water” — worth less than their mortgages. That ratio is much worse in Ohio. In Cleveland, there are so many foreclosures that HUD is selling homes for less than the cost of a cup of coffee. You can pay for your tall latte at Starbucks with a $5 bill and use the change to pick up a house from HUD. Responsible homeowners have lost the savings they built in their homes. Communities once more find their tax base decimated. This starts a vicious cycle of cuts in police and schools; vandals sack empty homes; and prices continue to plummet.”
It’s true that prices on Ohio HUD homes for sale are dropping, but don’t start searching for nickels in the couch quite yet. The Ohio HUD database is currently listing only one home at the $1,000 price point. However, there are seventeen Ohio HUD homes available for less than $5,000. At the $10,000 price point, you have dozens to choose from.
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I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you.
Mike Harmon