Houses for sale for $5,000 or less across America

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  • Finding the Right Mortgage
  • First Time Home Buying
  • Pros and Cons of Agent vs. Owner
  • When To Buy a Home
  • Houses for sale for $5,000 or less across America
  • How to Avoid Loan Fraud
  • Home Buying: What To Avoid
  • Avoidable Mortgage Mistakes
  • Prepare for the Move to your New Home
  • How Much Home Can You Afford?
  • Tips on Saving for a Down Payment on your New Home
  • Getting Ready to Purchase a Home
  • The California Housing Market
  • The Texas Housing Market
  • The New York Housing Market
  • The Florida Housing Market
  • When To Buy a House
  • Home Buying Tips and Tricks
  • 5 Common Home Buying Mistakes To Avoid
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Back in the 1950s, low housing and construction costs and a robust American economy made it possible to buy homes for what are now considered ridiculously low prices. In those days you could order an entire brick house – shipped as a kit – from the Sears & Roebuck catalog, for $5,000 - $10,000. Many of those same original homes are still around, providing shelter for homeowners who now value them for an average $250,000 - $300,000 each.

But as extraordinary as those retro price tags may sound to us in 2007, what may be more incredible is that there are still homes – and in growing numbers – for sale for $5,000.

Take, for example, the recent listings found on Foreclosurefetcher.com for homes in that price range. They include a five-bedroom two-bath in Terre Haute (near Ft. Lewis), Indiana for $3,750.  Another house in Kokomo, Indiana has a generous five bedrooms and two bathrooms, and is listed for a grand total of $4,500.

With a budget of five grand, you could buy that home and have $500 left over – which might not seem like much until you consider that there is another Foreclosurefetcher listing – now in the pre-foreclosure phase known as “notice of default” – located in Denver, Colorado. The listed price is only $500. And another Denver property now in default and likely soon up for grabs at a foreclosure auction is priced at  $3,278.

But it seems that as the current foreclosure market expands across the country, no region of the country is immune to these rock-bottom prices. A report from mortgage analysts in New York found that the number of sub-prime loans in foreclosure had nearly doubled between 2005 and 2006. Sub-prime loans are those made to people with poor credit history, and in exchange for assuming higher risk, lenders charge substantially higher interest rates on these mortgages.

But some mortgages that began near 10 percent – a level that many consumers consider sky-high in today’s lending environment – have risen above 17 percent, and are headed higher if the government continues to hike rates to curb inflation. Meanwhile, conventional loans – especially those with adjustable rates – are resulting in widespread foreclosures, even for those with good credit. A record number of homeowners borrowed more than they could afford in order to finance other purchases, using the equity in their homes as collateral. Now that home prices have collapsed, they owe more than their homes are worth, and scores of these homeowners are going into foreclosure.

What is bad news for some is great news for others who have been waiting for a chance to gain entry to the lucrative foreclosure investment game. During 2006, some 4,000 foreclosed homes in the USA sold for less than $1,000, according to statistics reported in the financial press.

Foreclosurefetcher.com has a one particular search option that allows users to look for properties priced under $10,000. Most of us are accustomed to using search features on real estate sites that begin at a minimum price of more than ten grand, and we find no logic for looking for anything cheaper than that, because properties in that range normally do not exist. But it seems that within the 2007 foreclosure market, there are bargains to fit any budget, and a quick search of Foreclosurefetcher’s lowest price range confirms that notion.

For instance, a recent browse of Foreclosurefetcher listings of $10,000 or less revealed 41 listings in New York State, including a 6-bedroom and 2-bath home in Buffalo for $4,500 and a 5-bedroom with 3 bathrooms in Syracuse, for $4,900. In Dayton, Ohio we found a 3-bedroom, 2-bath for under $5,000, among more than 100 Ohio listings priced below $10,000.  Revisiting the Indiana category we spotted one in Fort Wayne for $8,900 – with five bedrooms.

Foreclosurefetcher compiles nationwide statistics and update pre-foreclosure, foreclosure, and REO foreclosure listings 24-hours a day, seven days a week. Foreclosurefetcher shows nearly 300 foreclosures in Michigan – all priced for $10,000 or less. These include a 6-bedroom, 3-bath home; a 5-bedroom, 2-bath home, and a 4-bedroom, 2-bath home; each priced at $9,900. Eighteen listings in Texas are under $10,000, as well as another 34 in Tennessee.

Practically every state in the nation is included in this under-ten-thousand category, and some of the cities, towns, and regions of the country with unbelievably low prices also show up on lists that rate the “Best Places to Live”. For instance, “Sperling’s Best Places” ranks Pennsylvania at the top of its lists for healthcare resources and the amou

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