Have we seen the worst of foreclosures?
Are we beginning to hit near the bottom of most of these real estate markets?
(Notice I used the plural because I don’t believe in a national real estate market. Real estate is a mainly a local investment.)
While reviewing the stats for my state (Tennessee) I noticed one county in the Memphis area had askewed the results. Times are not that bad here in Nashville. We’re projecting a smoother landing in Davidson County for the rest of 2008.
But without due diligence we might think the entire state of Tennessee is in deep trouble. That simply isn’t true.
So what about all the bad news? How should that affect our real estate investing decisions?
If 1.3 million distressed homeowners receiving foreclosure warnings from their banks in 2006 is any indication, we should be buying. The light is green.