The upside of the real estate crisis: affordable housing

Miami HeraldFebruary 8, 2009 

It's a spacious 2,500-square-foot stone-and-brick-facade home with four bedrooms, a walled-in yard and an efficiency apartment in the back.

Three years ago, someone paid $240,000 for it. 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 for just $90,000.

For many South Floridians, there is an upside to the otherwise brutal downturn in real estate, with its flurry of foreclosures, personal bankruptcies and spreading economic pain.

Housing is suddenly affordable to those with average income -- without risky teaser rates or subprime mortgages or cooking the numbers to qualify.

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