Great time to build your own home too if you can get the financing. or have cash. Lots of builders have gone belly up and the banks are holding either the half finished homes or lots. If you check, on some of these lots the water, sewer and impact fees have been paid. The realtors are not always checking this out. This could save you thousands. Here in Pierce County I have seen some building lots in subdivisions going for as little as $45,000 with all the fees paid. Last I looked there were some for $45,000 or less but not sure on what has been paid. Compared to a vacant spot lot, this is a steal. You can figure about that a lot in a subdivision with a permit and water paid has a minimum of $15,000 invested in it over a lot outside a subdivision with no improvements.(Water, curbs and gutter, approaches, clearing, impact fees, permits, engineering, Sewer stubs, surveying, sidewalks and more). Easily could buy one and take the contractor approach and have a nice starter home for around $125,000 or so. Could have as much as a true 40% equity in it.