Wow. If you are in a buying position right now there are tons of deals to be had. Never before has there been so many foreclosures on the market here in the Notheast Mississippi area. While I still believe our part of the country isn't as hard hit as other parts of the country we are feeling the mortgage squeeze. Right now Investors in real estate should be jumping all over the many homes they have to chose from.
Remeber the past and make strides in the future. Some of the wealthiest people in our world today always buy when the markets are tanking. Those people who were buying stock during the great depresson were quickly made into very rich people when the markets picked back up. Just like the great depression this real estate market will pick up and hum again.
The problem were are experiencing right now has its root in the exact same situation that has caused many recessions over the years. In 2007 we had a negative savings rate. People are getting into debt and are not able to climb out of the whole they have dug themselves into. Now I am not blaming bankers or lenders for this problem. Although they had a hand in it. We all know that banks were throwing money at anyone with a pulse just 2 years ago but no one held a gun to the consumers head and made them buy more home than they could afford. I am also not asking the governement to get involved in helping people who bought too much and now cant afford to make there payments. Hard lessons learned are not quickly forgottten
So my advice is Investors jump in full force and start buying up those foreclosures.