San Francisco Bay Area sees deals on homes for under $100,000

The San Francisco Chronicle reports:

Today, more than 600 properties currently on the market here are listed below $100,000. Agents say prices dipped that low starting this summer, as banks became increasingly eager to unload huge inventories of foreclosed homes.

"When you tell people you can buy a house in the Bay Area for under $100,000, it gets their attention," said Carylon Dopp, a Realtor with Security Pacific Real Estate in Richmond.

These el-cheapo listings are not condos, trailers or manufactured houses. They are stand-alone, single-family homes, albeit modest ones, generally about two bedrooms and 800 square feet.

Almost always bank-repossessed, they're concentrated in the foreclosure-stricken areas of Alameda, Contra Costa and Solano counties, such as East Oakland, Richmond, Antioch and Vallejo.

I guess the laws of supply and demand have to work over time.