You Snooze, You Lose

Bargain hunting buyers are back with a vengance. These buyers know value when they see it. Low prices and low interest rates have lured many investors back into the market. In an article I found today on cnnmoney.com, Les Christie reported that housing affordability is at almost an all time high (Most Over- and Under- Valued Housing Markets), so as a consequence, savey investors are starting to pounce.

Of the 330 housing markets studied in a recent IHS Global Report, 248 were considered under-valued... as much as 42.5% in Vero Beach, Florida!!! The most over-valued city is Atlantic City, NJ, weighing in at 44.1% over-valued.

You may also want take a look at some of my previous posts, which have other articles about surging sales and increased housing affordability (May 27th, June 1st and June 2nd).

FORECLOSURE Now Spells OPPORTUNITY

We have all heard all the news about the housing crisis and how foreclsures are bringing the economy to its knees. Now the press is starting to focus on investors and first time buyers who are seeing the "glass half full" and taking full advantage of this buying opportunity.

In an article today posted to CNBC.com, Wading Into Foreclosures, it states that if you are willing to do your homework, roll up your sleeves and do some work, one can pick up properties in some areas up 60% below the previous purchase price.

“Whether you’re an investor looking to purchase a rental property, or a homeowner who’s ready to retire and move someplace more affordable, the price of foreclosed properties right now is right,” says Debra March, executive director of the Lied Institute for Real Estate Studies at the University of Nevada Las Vegas, the nation’s leading state for foreclosures.

The article state that buying foreclosure properties comes with risks. One must have a long term strategy, and also be ready to do some work, as many of the properties have been dismantled to some degree.

If you have the desire and understanding of the market, this is a great way to find the silver lining in a the dark economic cloud :-)...