"Perfect Storm" for Homebuyers - NBC 5 Dallas-Fort Worth

"Perfect Storm" for Homebuyers

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    It's a "perfect storm" for homebuyers, with deep discounts on many properties.

    Could more foreclosures on the market, low interest rates and highly motivated sellers mean good deals for homebuyers?

    Rising foreclosure sales are driving down the prices of homes in North Texas. But a 4.7 percent decline from a year ago is still well below the nearly 14 percent drop in national home prices.

    At least nine foreclosed homes are going on the auction block in one Dallas neighborhood this weekend.

    And the company hosting the auction, REDC Group, said there are bargains to be had, and not just for investors. Potential deals are out there for first-time homebuyers and others, too.

    "Perfect Storm" for Homebuyers

    [DFW] "Perfect Storm" for Homebuyers
    With rising foreclosure sales, bargains are out there for house hunters.
    (Published Wednesday, July 29, 2009)

    "If you're a move-up buyer looking for a higher-end piece of property -- maybe in a very exclusive neighborhood -- you're going to find some of those as well," Chris Alcedo said. "We pretty much have a little bit of everything for everybody."

    A five-bedroom home on Junius in Dallas is among the properties on the block. It had a previous high value of $500,000, but auction bids will start at $129,000.

    Another home in Pilot Point that once valued at more than $630,000 could go for as little as $219,000.

    To pre-register for this weekend's auction, go to www.auction.com.