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In Memphis, the $50,000 house a reality


By John Bailo   Follow   Sun, 4 Nov 2012, 1:37am PST   1,007 views   9 comments
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Today we see computers selling for pocket calculator prices.

Is the home that sells for the price of a car far behind?

Seems like it is starting in Memphis!

http://www.zillow.com/homedetails/2140-Harrell-Rd-Arlington-TN-38002/52123566_zpid/

Comments 1-9 of 9     Last »

CaptainShuddup   Sun, 4 Nov 2012, 9:39am PST   Share   Quote   Permalink   Like (2)   Dislike (1)     Comment 1

It's the Cars that are selling for home prices.
If it wasn't for people willing to lease cars.
The MSRP for your average car would still be around 10K-21K, instead of 24K-35K.

As for home values, just wait until when interest rates get back to historic 7%-12% range.

lostand confused   Sun, 4 Nov 2012, 9:47am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 2

1.25 acres and the estimated mortgage payment is 148 bucks a month!!!!

justme   Sun, 4 Nov 2012, 10:08am PST   Share   Quote   Permalink   Like   Dislike     Comment 3

You have to admit this place is an absolute dump, though. And 840 ft2.

mell   Sun, 4 Nov 2012, 10:20am PST   Share   Quote   Permalink   Like   Dislike     Comment 4

justme says

You have to admit this place is an absolute dump, though. And 840 ft2.

See but that's the problem, Admittedly old, not very big and in need of some TLC. But that attitude today makes people think they are entitled to an upscale 4 bedroom in the bay area and get majorly into debt because they don't want to "settle for less".

Bigsby   Sun, 4 Nov 2012, 3:34pm PST   Share   Quote   Permalink   Like   Dislike     Comment 5

justme says

You have to admit this place is an absolute dump, though. And 840 ft2.

Nice looking chunk of land for that price.

APOCALYPSEFUCKisShostikovitch   Sun, 4 Nov 2012, 9:46pm PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 6

It's like that in Kuala Lumpur and, I got to tell you, the joint is jumpin' !

zzyzzx   Sun, 4 Nov 2012, 10:22pm PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 7

50K is what a house should cost! I paid substantially less than that for my house.

edvard2   Sun, 4 Nov 2012, 11:36pm PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 8

I am familiar with Memphis. I have relatives who live there. The reason houses there are cheap is because the local economy doesn't pay anything close to what you would get paid in say- the Bay Area. Memphis was hit pretty hard by the recession. Its a city with a lot of promise, but its not quite there yet.

New Renter   Sun, 4 Nov 2012, 11:37pm PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 9

Price drop! Now $42k

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