From the novel Great Expectationsby Dickinson, "It was the best of times, it was the worst of times." Right now, If you are a home buyer or real estate investor who held out during the "good times" of our current real estate cycle, then at this moment, it is the best of times for you because of all the opportunities and foreclosures happening locally and throughout the country. The current economic situation and housing situation are all inter-related and the mortgage crisis is now affecting Large Banks and Lenders throughout the country, heck, throughout the world as companies are being folded and more and more people are becoming jobless.
Even on Thursday night as the news casters announced the folding or selling out of our country's largest savings and loan bank, WAMU or Washington Mutual, to JPMorgan Chase, I could not believe what was happening. I knew we were in a large economic crisis, but not to this level where a 119 year old bank has folded before our eyes, and it happened so fast too! What could possibly be next, or should I say, which lending/investing institution is next? What is going to happen to our economy? The proposed 700 Billion Dollar bailout? The housing market? All these questions and more are clouding consumers' minds and people do not know what is going to happen next.
But there is one thing for sure we do know, "It is a great time to buy!"
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