Australian’s See Bargains In United States Real Estate
With all of the turmoil in our own real estate markets, we naturally feel that the rest of the world is as impaired as we are. But that is not the case, as this article in The Australian points out.
It could be that international buyers have been sitting on the sidelines waiting to pounce when the market shows a firm bottom.
The rate of forced sales suggests the answer is yes, although the strengthening US dollar and uncertain capital gains mean it’s not quite a foreign buyer’s bonanza.
Already, 2.2 per cent of all US homes are in the foreclosure process, according to foreclosures.com. The Wall Street Journal predicted this week that there could be 1 million foreclosed properties on the US market by the end of the year.
“So far this year, 748,381 homes — or 46 per cent of the foreclosures — have gone into the possession of the banks … because no bidders were interested in them at auction,” the Journal reported.
“With the banks’ inventory piling up as the properties fail to sell, the banks will likely have to discount their prices more in order to unload the homes, real estate experts predict. Such discounts could continue to drive the broader real estate market lower.” via The Australian
Great points Tom - the flavor of the day solution is only adding to the instability and volatility.
When Washington ...
I see it all too often where owners decide to be investors without understanding that tenants have rights. Its ...
cont from above post.....
please contact me via e-mail if interested in the home listed
above.
jonieckstrom@yahoo.com 
This is a topic currently being debated in our local Real Estate Board here in Toronto Canada. Online, we ...
A property management company should realize that most potential tenants now will have a foreclosure or bankruptcy on their credit....as ...
my boyfriend and i just fell for the scam ourselves, it's sad what they are able to do. I am ...
Now is an excellent time for business people to buy if they have decent credit (I did not say excellent ...
I just finished emailing some guy from "West Africa" who gave me the same exact bs. He even went so ...
Comment by Miami Real Estate Attorney on 15 October 2008:
There are clearly great real estate investment opportunities here in Miami Beach, Florida and the area. Properties can be purchased from lenders at steep discounts.
Comment by Sam on 16 October 2008:
Let us not forget to give credit to the industry who single handedly initiated this global mess we are in today. The real-estate industry. If you were one of the home buyers in the past 8-9 years, you probably heard these words over and over again “buy now, buy now, buy now” “prices will go up, and up and up, buy now”. Here in California, they created bidding wars over houses. They had nothing to lose and everything to gain.
I bought my house in 2000, and then sold it because of a divorce in 2007 for more than double the price. My ex and I were flabbergasted that our house was being sold for that much! Why? Salaries didn’t double, cost of living didn’t go down, the economy is not in great shape. The average house hold income in southern California is still way below the mean home value!
The scariest thing is that they are doing it again. “Buy now” “prices won’t go down any more” “now that the government passed the bill, people will have a home-buying frenzy” “buy now”.
Thank God, the banks are not falling for it this time and repeating their mistakes.
So, I beg the real-estate industry. Please don’t put the world in a worse financial situation than it is in right now.
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