One of my favorite parks, Cottonwood Estates in south Sacramento, has seen a tremendous drop in prices.
I've always like Cottonwood because of the uniqueness of its garages. Most of the MH's in this community have full garages, and the ones without garages have "garagettes".
There is only one other MH community in the Sacramento area with 100% garages, and that's Diamond K in Roseville.
Diamond K is a senior park, and Cottonwood is a family park.
The last loan that I closed in Cottonwood was for $50,000, with a purcase price of $100,000. And that was four years ago.
Checking the MLS, of the latest listings to hit the market from Cottonwood have asking prices UNDER $20,000. That is an 80% drop in value. (these are probably REO's).
Of course, most buyers will have all-cash at these low prices. But for those who need financing, they're looking at a 15-year loan with a rate of 8.99 (at 5% down).
With a monthly space rent of $600, the total combined housing expense will be only $800/month with a price of $20K and a 95% loan.
Where else can a growing family settle down and OWN a 1400 square foot home w/2-car garage for $800/month??
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