If this is the case, everyone can buy house and it would push up economy. But there are problems. Big ones. #1. People do not have money for down payment. Even people have money for down payment, bank does not accept any housing loan. It looks banks are too sensitive on approving housing loans, right now. House owners do not want to sell their houses with lower prices. So, regular market other than bank related are not active.
As a result, seeing the house price and interest rate keep coming down, people still cannot buy houses. That is very frustrating phenomenon. Our information is telling us that banks rejecting any and all loans even for the people whose credit score is more than 700.
The other things which I hope to point out is there are some advertisement or rumor floating in the net there are foreclosure houses available at the ridiculously low price as low as $10,000 or even lower. It looks to us there is no such low priced house is available. I did not do any research or anything, but I did not come across any of these through professional real estate people.
The last but not least important thing I wanted to mention is the fact that Foreclosure Houses were pretty much damaged. In the worst case scenario, you may have to spend same amount of money as you bought for repairing it.
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