patrick.net

http://finance.yahoo.com/loans/article/107648/its-time-to-invest-in-real-estate.html;_ylt=Alw0GQ..NtUUWQMf9ijQPyC7YWsA;_ylu=X3oDMTFhN2xqOW9pBHBvcwMyBHNlYwNzcGVjaWFsRmVhdHVyZXMEc2xrA3llc3RoZWhvdXNpbg--?mod=loans-home Passing through the Fort Myers, Fla., airport a few weeks ago, I noticed people eagerly signing up for a free bus tour of foreclosed real estate — with all properties offering water views. During the ride to my hotel, the young driver volunteered that he’d just bought his first house, paying $65,000 for a foreclosed property in nearby Cape Coral that had last sold for over $250,000. He said he’d never expected to be able to buy anything on a driver’s salary, let alone something that nice.  But with real estate prices nationally now down about 30% from their 2006 peak, and showing signs of turning up, the prices aren’t likely to go much lower. Every real-estate market is local, and so there may be a few exceptions. Overall, though, I can’t imagine a better time to buy than right now. ****  I like how no actual details are given about the foreclosed property... Sure $65,000 is a great deal for almost anything.  But out in CA that's not even a 20% down payment on most 3 bed/ 2baths.   I'm still very curious what's going to happen this fall in Los Angeles area...  Especially if the $8000 home buyer credit isn't renewed....  Not that $8000 is much of an incentive for a $400K 3bed/2bath.  But it would be nice to have the $8000 to furnish the new home...   I'm seeing more and more L.A. area 4 bed/2 baths.. that are dropping closer to my price range.  The homes that have the nice backyards and pools and aren't falling apart.. Still range between $499K-$550K...   If these homes dropped to $400-450K i'd consider jumping into this market... But that's probably a pipe dream when most of those listings are short sales to begin with.     Wake me when i can get a 1800+ 3bed/2bath with a pool, nice sized backyard and in a good school district for $400K...  (that doesn't need $100K worth of work).     

#housing