[dchristian]

The bottom end of the housing market is usually junk or otherwise tied up legally. Just because you get hits, doesn't mean that's a viable option.

I just did a housing search recently and found this out the hard way.

Look at the median for an area and then figure that you can go 10-20% below that for a "fixer upper". Even that isn't an option if you don't have DIY skills.

[yucky]

See above, and try it yourself. On a $150k house a first time buyer can use FHA to put 3% down, and if FHA approved the sale then by definition it is not a fixer upper.

That means a first time buyer can get into a $150k house with FHA for $4,500 down and $1,300/month (which includes property tax and home insurance).

This means someone making $25/hour can afford to buy one of these homes, right now, today.