Cheap Houses $50,000 Or Less: Why No Buyers?

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With the housing market still tanking there are thousand of good deals if you are buying. You have to do your research and keep looking. No one will hand you a deal on a silver platter.

If you are in Colorado Springs, Colorado you can get a condo for $50,000. With 5% down you are borrowing $47,500. The rate would be about 4.375% and points 0.375%. You end up paying $263 a month. Condo fees might run about $100 so you are paying out $363 a month. Can you rent for less than this? Where? Colorado Springs is a decent size town. It's no hole-in-the-wall. The population is around 350,000. And there is an airport about 40 miles away.

Even if you bought at $60,000 with 5% down this is still cheap. Your monthly mortgage payment would be $316. Add in the condo fees of $100 and you are paying only $416.

Qualifying for a mortgage should be easy. You need a job making about $9.25 an hour or more.

Some people are offended by cheap. They want the house with 4 bedroom, 5 bathroom, a 2 car garage, a white picket fence and well manicured lawns. Well in case you haven't noticed the economy sucks. Some professionals with 3 or 4 degrees are being laid off. And some are having trouble finding work. Sometimes it takes them over a year.

So lets say you hate Colorado Springs. There are deals in Aberdeen, Washington, Ridgecrest, California, Youngstown, Ohio and Hickory, NC.

The American dream might have to be put on hold until you can make the big bucks.

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