The media wants you to believe that foreclosures are tanking the values of every neighborhood.
They need to look a little harder at what is really happening on the street. If the banks were more realistic about their opening bids at the trustee sales, they could be blowing out more of their defaulted properties, because there are plenty of investors looking to flip everything in sight.
We’re in a foreclosure economy!
Yes, this flipper hasn’t sold this yet, and he might only get what he paid for it – although this particular long-time investor is known to rent, rather than dump. But at whatever price he sells this for will define the true retail value.
If almost a third of trustee sales are being flipped for retail, the media should not only report it, they should factor the new values into the overall equation – and quit pushing the standard garbage.