Those of you who are not part of “Bail Out Nation” (thank you Bill Fleckenstein) and actually saved money over the past few years instead of blowing it on too big of a house and $75,000 kitchens, will probably be interested in this article by my friend Joe DiMeo about the current foreclosure market and buying foreclosed properties:
If you’re interested and you have some money to act, you might want to hurry since Congress will probably soon bail out all the B&M’ers (see previous post – just search for B&M) who should be foreclosed. These opportunities might not last when the tax dollars of the prudent (yours) start giving the imprudent free rides and the Karl Marx crowd does something autocratic such as freezing foreclosures nationwide or imposing interest rate caps on mortgages that were entered into freely in the open market (basically wholesale nullifying valid legal contracts). Way to blow our entire free market system that we built over 400 years. Can’t wait until we put a statue up of Barney Frank!
P.S. oh a funny side note, just saw my real estate assessment – according to the City of Medford, my place appreciated over 35% last year from my purchase price. Wow! Am I an astute buyer or what! DOUBLE WOW! Obviously I will go down there tomorrow and thank them for making me so much money – ahh no, actually I will go down there and tell Helen Keller or whoever does these assessments that they’re a tad bit off. I’m sure it will be a pleasant experience and I’ll accomplish a lot by going there…
Update: here is a great website on REO (real estate owned – by banks) research
This is helpful for further research!