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Thu June 6, 2013
Looking for a little 'fixer-upper?' Try Detroit or Lansing
Potential home buyers looking for a fixer-upper may want to look in Detroit or Lansing.
Realty Trac is out with a list of the 15 cities with the largest number of bank-owned homes on the market that were built before 1960 and valued at under $100 thousand.
Detroit tops the list, with nearly four thousand older homes with an average estimated value of just over $40 thousand. Lansing comes in 15th, with more than 500 pre-1960 homes with an average estimated value of $56 thousand.
A Realty Trac spokesman says the age and sale price suggest the homes could use some tender loving care.
But be warned home sale prices in Detroit and Lansing continue to slide. So it may be a while before buyers will be able to sell the home for what they’ve spent to fix it up.
Five Ohio cities also made the list, including Toledo and Cleveland.
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