February 8, 2009

The upside of the real estate crisis: affordable housing

Three years ago, someone paid $240,000 for a South Florida 2,500-square-foot stone-and-brick-facade home with four bedrooms, a walled-in yard and an efficiency apartment in the back. But in about 45 days, Carline Jeudy, a single mother of four and a renter until now, expects to close on her purchase of the bank-owned foreclosure in Opa-locka, near Miami, for just $90,000.

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