Who is gonna buy em? The Chinese?
Apparently, there is demand. They didn’t foreclose before because they didn’t think they could sell them, but buyers have reappeared:
“A surge in available listings could give a lift to real estate agents, who have complained about frustrated buyers amid tight supplies of homes for sale.
“My Bank of America asset manager told me we’d really start to get hit with inventory in mid-May to June,” said Teri Garcia, a real estate agent based in Escondido who sells Bank of America foreclosures.
“If they’re sending notices of auction in March, that about fits,” she said.
“Garcia said the local supply of foreclosed homes has been low all through the winter. She was thrilled to hear that more homes might be coming onto the market this summer.
People lucky enough to still have some liquidity are going to make a bunch in the next few years.
I just purchased a lake home from a Freddy Mac foreclosure for 280K. It sold for 470K in 2007. It needs a bunch of work but all the houses around it are 600K + homes even in this market. I did not buy it as an investment but if I did it would be a good one.
I think that real-estate is a safer place to put your money right now that stocks.