Bottom Feeders - reference to fish that dwell only at the bottom of a body of water and feed off the vegetation found there, the low lying sort.
Also reference to the current source of purchasers in the Michigan Real Estate Market. For the majority of transactions that are taking place, it is the bottom feeders doing the purchasing, grabbing up foreclosures and desperation sales, and leaving the rest untouched. And so far the rest of the "species" is not biting on the remainder of the market. The overall market for my area is recreational/2nd homes, and these sellers are not "effected" by the current economic troubles. There is a large inventory of these homes on our large lakes, but there is not a market within these that the bottom feeders are even looking at.
This market I am speaking of is Indian River Michigan area. What are you seeing in your respective market places if you don't mind my asking? Your comments and insight are appreciated.