The irony to me, is that lower priced areas are have consistent demand and the upper end off shore markets are still depressed.

It's amazing that people take their aggressions out on their homes...My generation was raised by depression era parents who really valued having a home more than anything,  and paying it off asap.  

I have no real knowledge but I would be surprised if the Lansing area is still depressed given it is a big college town.I've not heard of anyone that had the banks actually go after them for the deficiency.

It seems 'logical' that both the hottest selling and economically depressed areas are both to be avoided (??)

This would include:  Real Estate Agent, rehab contractors, funding sources, etc...                     ...have I depressed you enough yet?  

If in this day and age, in a great economy, the comps are all selling for 25% or less of replacement cost (a pro developer could not build them for that), that means you are looking in a VERY depressed RE market where prices are deflating well below inflation and you are likely taking on some serious risk IMO.

That would definitely disrupt the market and depress rates.Also don't underestimate the amount of resources and management involved.

There is a lot of opportunity as taxes are favorable and pricing isn't out of control (yet) You have to be careful which section you invest in though as the area is still fairly depressed.

Aside from major economical events like the Great Depression, World War II and the Oil Crisis, this is a pattern that has been happening like clockwork for the last 2 centuries.

Specifically in South LA in these zip codes: 90018, 90008, 90043 AND 90062.Seeking depressed properties to flip.