12/12 Buy a foreclosed house from Countrywide! Mean price $328K for CA!
http://countrywide-foreclosures.blogspot.com
\_ Yeah, the prices still aren't all that hot in my area. Well,
prices have dropped about $100K, but countrywide's prices are just
barely in line with that.
\_ They aren't going to let them go for less than market value.
That's the misconception about REOs.
\_ Where do you live? In The City, prices are staying steady,
perhaps even going up a bit.
\_ Location, location, location!
\_ Prices on low end homes are plummeting in most of the state,
why the hell would you try to buy now?
\_ one of things that people don't seem to get is that
you very rarely if ever get rich by posessing real estate.
You get rich by buying it cheap and selling it at a higher
price to some dumb shmuck. There are far more cases of people
being stuck with land as the value plummets than the other way
around.
\_ It's not a question of getting rich. It's a question
of not getting way less house than you could get if you
wait a year. The difference between a semi-cruddy house
and a decent place is often only 15-25% more. If you buy
the cruddy home now for the price of the nice house a
year from now you are going to be stuck with that
cruddy house for at least 3-4 years. Is owning for 1 year
worth that?
\_ Actually, possessing real estate is one of the easiest
ways to get rich. The problem lies when you buy it
without looking at the cash flows and instead hope for
quick appreciation. Anyone who bought a profitable
property probably still has a profitable property,
unless the economy tanks and then lots of businesses
get hurt. |