Thursday, May 08, 2008


Houses. Cheap.

Back in 2005, "If I listed a home, I would have two or three offers on it within the same day," real estate broker Susan Abdallah said.

But on a recent day she showed a home, which originally sold for $225,000, that had been re-possessed by the bank. After reducing the price to $105,000, she still had no offers and was preparing to put the house up for auction. Abdallah has 60 bank-owned properties to sell.

As many as one in 10 houses in Maricopa are for sale, even while new houses continue to be built. Homeowners, banks and builders all are competing to sell at ever-lower prices.