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Although I did find mine for $56K earlier this year prices are going up quick. A more fixed up version on the next block, but slightly smaller is listed for $100k but on a double lot. It's the same owner I bought from, he got a lot of good deals in 2008 and bought several homes cheap. He rented them out and has made his money back and is selling some now. There is no way it will appraise for that much so he's gonna have to find a cash buyer. I would doubt it would appraise for even $80K.
On the end of that street a home that was bought for $42k was listed at $130K, I guess the guy fixed it up a little. It has a lot and a half, but only 940 sq ft 3/1. He's reduced it twice to now $120K since June. I doubt it will appraise for that much.
I do hope prices do sneak back up, if so in a few years I might be able to find a bigger home.
Have you ever purchased a house this cheap that is livable? i.e., not in a ghetto, doesn't have serious repair problems, liens, etc. For your information, I live in Ohio and there are lots of these types of cheap houses. Many in the $30,000 range and lower. Some in small towns, others in bigger metros. I'm interested in your personal experiences.
If you already live there and have a job I see no problem. Many parts of Ohio have small homes in that price range. Many are 1940's brick 2 BR, 1 BA, LR and Kitchen with a long narrow room upstairs. Many have a finished basement.
My first house cost me $17k. It probably now sells for $200k or more. So, yes, in the long distant past (about 45 years ago now .. long ago and very far away from Arizona), I have purchased a house for less than $50k. It was small but very liveable and sturdy (as older houses tend to be - if you buy a new construction house now they may not last past the end of the mortgage!).
I am also sure, as others have pointed out, that there ARE still houses (even decent, if small, ones) going for 50k or less ... but they may not be where you want to be.
He's pretty much correct. Low house prices tend to be in areas where the job market, for whatever reason, isn't strong.
That can be for a multitude of reasons from lack of a trained work force to an area where the old industries left with nothing replacing them to an area losing population. Which can be a function of the prior two.
Have you ever purchased a house this cheap that is livable? i.e., not in a ghetto, doesn't have serious repair problems, liens, etc. For your information, I live in Ohio and there are lots of these types of cheap houses. Many in the $30,000 range and lower. Some in small towns, others in bigger metros. I'm interested in your personal experiences.
Yes I have and it was in the Pittsburgh area. It was in a safe neighborhood and no issues at all. I actually liked living there and it was so cheap I could do whatever I wanted. Out to eat, and enjoy. Now I live in the most expensive town in the state of PA, so things are different. I sort of miss my super cheap living. I rented it for a while and ended up selling it. I should have kept it. Oh well. Living cheap can be a smart choice. You pay that off and rent it and move up later. That rent will pay your other mortgage. A smart way to live.
We bought ours in Ohio for 50k. My uncle is an idiot as far as repairs but other than a roof, theres nothing wrong.
ETA: i will say we are in a lower income area and people mostly rent now so MrRational isnt wrong about that part BUT it did not use to be this way in the neighborhood. It is ALSO street by street. You can go next street over and its higher income and better houses.
I live in a $9000 house. A week or two after I moved in someone got into my (unlocked) *car and left me stuff! seriously. Of course the house did need work but I considered it inhabitable. The people who sold it were living here. For the most part it's a great neighborhood and I'm back living here again - after much remodeling. Strong job market but not particularly high wages.
If you figure for inflation that comes to 38K in today's dollars. There are still houses that sell for under 50K. Not perfect of course, but far better than sleeping in a *Honda civic. As gg says, cheap living has its benefits.
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Some in small towns, others in bigger metros. I'm interested in your personal experiences. 
