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Bargains abound in distressed market

JIM WOODARD Creators News Service
Bargains abound in distressed market - Real Estate Market - Foreclosed Property - United States

Distressed properties — foreclosures, pre-foreclosures, bank-owned and short sale properties — represent an estimated 40 percent to 50 percent of all home being sold today in major U.S. markets. In fact, it is estimated that 8 million U.S. properties will be foreclosed upon by the end of 2009.

Resulting bargain prices, combined with interest rates that are still near historic lows and a substantial tax credit for first-time buyers, make today's real estate market an attractive buying opportunity. In fact, a study by the Federal Housing Finance Agency shows that home prices have declined an average of 36 percent since the market's price peak.

Another change is the growing number of renters. Many former homeowners who have been forced by financial problems to leave their homes are now living in or seeking a rental property. This stimulates the market for apartments and other multifamily properties. Builders, developers and investors are taking note.


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