Housing market in the US

Hey US X-Forcers,

While looking for a vacation property to rent, I've stumbled on many properties for sale and I must say it got me interested in buying, to the point that I'm actively looking at buying a house in Florida somewhere (preferrably Daytona Beach). I see some freakin' great deals, but not much info on them. Are there really that incredible deals to be had (3 or 4 bedrooms for $35,000 - $40,000), or are these things kinda "too good to be true"? Has the market really gone to hell that bad? Of course, I imagine there is some work to be done, but, from the pictures I see, the places don't look all that bad.

If anyone could give me the impression of the market in their general area so I can judge if these are real deals or destroyed cr*ck-houses, I'd appreciate it!

I am not familiar with the house market in Florida but a $35,000-$40,000 for a 3-4 bedroom house seems farfetch, especially at Daytona Beach. I know the economy is horrible and house prices are plumetting but that is definitely too good to be true.

I could imagine the house market in California, Florida, New York, etc... big states with big cities like Los Angeles, New York City, Miami, Orlando, etc... will have almost the same market value when it comes to housing. In California, $300,000-$400,000 house are the average for a 1-2 bedroom house. My co-worker has purchased some condominium or apartment in Florida that ranged from at least $150,000-$250,000 and anything less seems impossible.

Now, do not qoute me on all of that yet until you hear from someone that lives in Florida and are more familiar with the housing market there. I believe we have a few Florida residents and former Florida residents here that could help you out.

There are quite a few that look like Stuff-holes, but there are a few in the price range I mentioned that are bank owned (foreclosures) that appear to be in pretty darn good shape. I'm assuming the prices on the foreclosures are just the bank trying to recoup what was owed on the original mortgage.

Hell, there are even some in Miami but, from what I can tell, I wouldn't want to have my daughter walking anywhere in most of those neighbourhoods...

Even if they are bank owned, forclosed, the banks would still not sell it at a less than $100,000 and risk losing all that money. Believe me, banks knows the house prices will jump back up and for most, they would rather keep than lose significant amount of money on it.

A $200,000 house is almost unheard of in the big cities, even at the outskirts of these big cities. My friend just purchased a house, 3 room/3 bath in a new developmental city here in California and it cost him $350,000 and that is considered a bargain already. Keep in mind, this is in a place where development are barely starting.

Jade is correct though, Darth Clay and Natural could possibly provide the best answer for your question.