Today's Buyer's Dilemma: Buy a new home or a new car?
The reason for the sales spike has a lot to do with the amount of foreclosures on the market right now, with over 20% of all homes selling for $100,000 or less. Many homes have dropped so far in value that they're now worth $20,000 or less. We're not necessarily talking dilapidated goods, either. In some cases, a brick, 1,100 sq. ft. home in the Midwest with three bedrooms and two bathrooms can be had for the price of a meagerly equipped Toyota Camry. About five years ago, that same home could have cost more than a Aston Martin V8 Vantage. It seems like just yesterday when people were offering up free cars as an incentive to buy a home. Soon it will be the other way 'round! Thanks for the tip, Pete.
[Source: ABC News | Image: MSN]
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