For buyers, this means snagging a home at prices not seen since 2001 or 2002. And in some cases, you may be able to even find a home for 50 percent off.
According to Zillow real estate blogger, Brendon DeSimone, many of the so-called extreme bargains available are either foreclosures or short sales, but notes that just because a home is victim of a distressed financial situation doesn’t mean the condition of the home is distressed, too.
"There are lots of beautiful homes that are move-in ready, or close to it, that are distressed sales. And these homes are being snatched up quickly," said DeSimone.
Additionally, with interest rates for 30-year fixed mortgages continuing at less than 3.9 percent, there is additional incentive for shoppers to take advantage of the current down market.
What kind of homes can you get for 50 percent off? We rounded up a few worthy contenders:
Pauma Valley, CA
2006 sale price: $990,000
Current list price: $495,000
Price cut: 50%
A golf-lover's paradise, this 3,184-square foot home is located in the Pauma Valley Country Club with fantastic views of the golf course and surrounding mountains. The remodeled home features an over-sized master bedroom with an en-suite bathroom with sauna, extra-large shower, and custom organized walk-in closet. Other amenities include a chef's kitchen, double-sided fireplace, outdoor patio, and a 2-car garage with separate door for a golf cart. Pauma Valley median home values are currently $273,100.
Oak Island, NC
2006 sale price: $955,000
Current list price: $449,000
Price cut: 47%
Looking for a great beachfront home at an even better price? This North Carolina home for sale boasts 5 bedrooms, 3.5 bathrooms and features high ceilings and an open floor plan. The large great room has hardwood floors and decorative molding. Perfect for sitting back and enjoying the Atlantic Ocean views, the home has two front porches and a back deck that leads out to a private pool.