Handy man specials: Try the Midwest

June 6, 2013 at 8:47 AM
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IRVINE, Calif., June 6 (UPI) -- The Midwest is the best region for buying a fixer-upper bargain home, online real estate marketplace RealtyTrac said Thursday.

Among the top 15 cities for buying a home for renovation are Detroit, Chicago, Cleveland, Cincinnati, Milwaukee; Toledo, Dayton, and Columbus, Ohio; Lansing, Mich.; Indianapolis and St. Louis, RealtyTrac said.

Also on the list are Jacksonville, Fla., Birmingham, Ala., Phoenix, Ariz., and Philadelphia, the firm said.

A good supply of older bank-owned inventory is one clue a city is ripe for the handyman to step in and make over a home. Low average market value also helps.

RealtyTrac also tracked the median distressed sales price annual change.

In Detroit, for example, bank-owned inventory of homes built before 1960 and valued at less than $100,000 -- the basic target for a bargain-hunters with a tool belt -- came to 3,773. The average market value came to $41,503.

Detroit had the highest number of older, bank-owned homes up for sale valued at less than $100,000.

Detroit was followed by Chicago with an inventory of 1,649 pre-1960, bank-owned homes -- average value $71,659.

Cleveland has 1,318 bargain-basement fixer-uppers on the market with an average value of $59,800.

St. Louis with 1,021 and Cincinnati with 1,016 rounded out the top five.

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