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I was looking at properties in Houston lately, not section 8 homes but foreclosed properties in middle to upper middle class areas.
I found several homes that are selling for more than half their value. For example I found a house about 2 blocks away from my parent's home that is about 1500 square feet, that would in a normal market probably go for around $100,000 to $110,000. The house is being sold for $49,000.
About 3 blocks away from that there is a house that is about 1900 sq feet, again this is a very nice neighborhood just blocks away from an elementary school in a highly rated school district that was being listed at $56,000. In a better market, that house could go for as much as $150,000.
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