RealtyTrak: 17% of US homes for sale now are foreclosures
Bob Morris @ Aug 15th 2008 11:30 - Category: Credit crisis
I had to read that 17% number several times to make sure I had it right. More than 750,000 homes foreclosed homes are for sale now. One plan is to bundle them to deep pocket long-term investors at big discounts.
Vultures, the birds, clean up rotting carcasses and play an important ecological role in doing so. The process may not be pretty but it is important. Perhaps vulture investors can do the same here. No one else is buying those properties. Maybe they can both provide a floor for pricing and take some messy abandoned properties off the market, fix them up, then hold them for several years.
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connecticut man1 on 15 Aug 2008 at 12:00 pm #
What do you think my odds are of being able to buy a house locally in the $40,000.00 or less range in the next few months to a year? So far, I have not heard of one house being saved by any government program that has been passed or proposed.
Bob Morris on 16 Aug 2008 at 12:39 am #
You can buy a house in Detroit for $1 now!