"If you wait for everyone to go bankrupt you may as well buy in Mojave"
Yeah, that's *exactly* my plan...wait until EVERYONE is bankrupt, that or wait until everyone is dead and then I'll just walk over and claim the property.
/sarcasm off/
Houses in many markets - the 'desireable markets' - are overpriced. They may not be making any more land, but they're making more houses. Soon - sometime within the next four years - the bubble is going to burst, the new bankrupcy laws will kick in, and bargains will be had.
Does any of that not make sense?
"the new bankrupcy laws will kick in"
I am still uncertain, and have been unable to find anything about it, regarding "pulling the note" on an "underperforming" mortgage, as opposed to one that is nonperforming or past due. How is this addressed under bankruptcy reform going into effect in October? JasonC, earlier in this same thread, has stated that many states prevent mortgage companies from going after mortgage holders for amount owed above and beyond foreclosure sale price, and that it is quite difficult to do so even in states that do not forbid the practice. What has changed, if anything?
Markets where you can build forever in every directions should not have such high prices. Those with limited product should.