Tuesday, December 13, 2011

How Much Lower Can Housing Prices Go?

I suspect that some of my readers out on the coasts could buy some of these houses with a year's worth of your cell phone bills and commuting costs to work.  Like this 4 bedroom, 3 bath, 2070 sq. ft. home in Salmon, Idaho, for $59,000.  That's not a down payment.  That's the full price.

Or this $24,000, 3 bedroom, 1 bath, 809 sq. ft. house in Osburn, Idaho.  (Yes, that's near the entrance to Yellowstone.)



4 comments:

w said...

I like the first one! Salmon has great hunting and fishing. If only I still had my HP job I could think about buying it....stinks to no longer have income to spend....

I have given the bank over $100K to principal on my mortgage but my Boise house bought in '06 is not likely to get more than $140K below what I paid for it...I might get enough to pay off most of the loan balance but would not see a check for any of it...and I have put too much of my net worth into my house...

The latter two are a tad tiny even for bachelor pads....

Now "might be" a good time to buy a vacation or possible retirement home in these remote places (or at least to be away from the cities when Armageddon starts...)

rfb said...

With all due respect, none of those are anything I would ever consider. They all look quite like shab shacks.

w said...

Yes, but for the money not that bad. A few years ago those places would have been listed for at least 3-4 times those amounts! I know for a fact as I often looked at the listings at the time and lamented that I could no longer afford buying a vacation place. Now if I still had my professional private sector job the current prices would have been perfectly affordable, but not now with my current economic situation (and with no thanks to the idiots in both parties in DC)!

Der Hahn said...

Prices are much the same here in small towns in the upper midwest. My father moved to a care facility and sold our family farmstead last year, and I'm half seriously considering buying a small fixer-upper house close to him so we'd have a place to stay when visiting.