The real estate bubble burst and the worldwide financial crisis have turned the real estate market upside down. Just a few years ago it was a seller's market and real estate prices were skyrocketing with no end in sight. Today, despite major changes, the real estate market still offers great opportunities for those people that know how to take advantage of current conditions.
While the number of home sales and sale prices continue to decline overall, there are some indications that they might be starting to bottom out. During a recent speech at the Detroit Economic Club, the CEO of Freddie Mac said that the we may be "approaching a bottom." However, the pace of forclosures is expected to continue accelerating in 2010.
The very nature of forclosures ensures that these properties will hit the market at prices that will put a great deal of downward pressure on prices in the entire real estate market. This is bad news for anyone holding a mortgage that is already underwater, but this is very good news for people looking to invest in real estate. A glut of forclosure properties becoming available at the same time the market is starting to bottom out is really a once-in-a-lifetime opportunity...so don't miss it.
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