Last Updated Apr 26, 2011 4:45 PM EDT
This post was updated to add more properties on March 10, 2011.
Today's edition of the "What Can You Buy" series takes a look at rock bottom prices in the Midwest housing market. The mass exodus of manufacturing jobs throughout the region and the near collapse of the auto industry has magnified the pain of the Great Recession in the nation's breadbasket.
Members of the once-thriving Midwestern middle class are entering foreclosure proceedings in record numbers. In fact, no less than four states in the geographic area (Ohio, Illinois, Michigan and Wisconsin) are included in the Top 10 States Where Foreclosures Are On Sale.
Discounts are one thing, but can you really buy a home and land for less than $1,000? The following foreclosed and real estate owned (REO) properties listed for sale demonstrate that the $7 house we looked at last week, is more than a freakish occurrence.
Here's just a taste of what you can buy for less than a grand, courtesy of the folks at Trulia.
What Can You Buy for $1,250 in Indianapolis, IN?
What Can You Buy for $1,000 in Cleveland, OH?
Trulia users rank the neighborhood a "5" (out of 5) in access to restaurants and shopping. And with an estimated mortgage payment of a mere $6 per month (just in case you don't have $1,000 laying around), there's very little risk.
What Can You Buy for $1000 in Chicago, IL?
The building was originally completed in 1921, but the current appearance of this unit reflects a recently completed gut rehab initiative. The one bedroom, one bathroom space could be a really attractive bargain for young singles looking to make their first, low-risk real estate purchase.
What Can You Buy for $800 in Saint Louis, MO?
What Can You Buy for $500 in Cleveland, OH?
The property was built in 1900 in the Colonial style and also offers two stories of living space and a basement. The lot measures 0.06 acres in a neighborhood that Trulia users rank a "5â€³ (out of 5) for walkability, pet friendliness and safety.
What Else Can You Buy for $100 in Detroit, MI?
What do you think of the latest foreclosure/REO offerings in Midwest for less than $1,000?
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Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.