Posted 4 years ago on July 31, 2013, 12:46 p.m. EST by GirlFriday
This content is user submitted and not an official statement
We have a similar problem The prices of housing jumped. The local banks can't give you a loan for under $50,000. Community Reinvestment Act. Often the houses have tremendous problems. Too, because they can't give you a loan the houses are sold for cash. So, a house that needs some work is deliberately held back unless it is sold for cash to someone who is going to flip it. Some real estate agents are absolute douche bags.
Now, there are also areas where a crap house that needs extensive work is being sold at 60-75 thousand dollars for a two bedroom. I just watched an area where the prices jumped ten grand. I have seen a house for sale that is $120,000 for a one bedroom.