Owning Fresno bank owned homes is now a better option than renting, based on current home prices and rental costs in the area.
Based on a study by a research firm, Fresno ranked fourth in a chart of cities nationwide where it is cheaper to purchase a house than rent one. For instance, one could buy a house in Fresno for $100,000 with a down payment of only $3,500 and a monthly home loan payment of only $750 a month, much lower than the average $1,000 monthly rent in the area.
The research firm calculated its buy-versus-rent index by considering renting costs and home ownership costs that include loan principal and interest, mortgage insurance and closing costs. The first three cities on the list are Minneapolis, Arlington in Texas and Miami. Fresno is the only California city in the top-ten list.
Currently, there are more real estate owned properties for sale in Fresno than pre-owned homes or new homes. A total of 12,327 Fresno bank owned homes are listed for sale on one major real estate website with prices ranging from a low of $3,000 to a high of $29.87 million. The homes featured on the front page are priced at $110,674 and $147,643. The average price for all types of homes is $157,602.
With the still high number of REO units for sale in Fresno, it is no wonder that the prices are affordable to renters. Another major real estate website has 4,914 foreclosure homes for sale, with the median sales price for all types of homes at $149,700.
In addition, there are still a lot of bank owned homes in California despite the slowdown in foreclosure activity over the year. Almost 16,000 residential units throughout the state got added to bank owned lists in May. In the first five months of the year, a total of 79,323 housing units were repossessed by lenders, and a big portion of these were Fresno bank owned homes.
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