Banks are dumping homes in my area

[Joe M.]

Have you guys seen this?

It seems to me that certain banks are just dumping homes to get them off their books.

Case and point.

For my second investment property I bought a house asessed at $75K for $27K. I'm now renting it out at $650/mo.

I'm going to look at a house tonight that is listed at $17.5K. It sold 3 years ago for $89K, county has it asessed at $65K. My realtor has been through it and said it is a great house, new roof, new siding, new flooring, newer central a/c etc. It will rent for around $600.

Don't get me wrong, I love getting good deals but geesh, it makes you scratch your head and think about the impact of what these banks are doing.