For those looking for a way into the American dream of owning a home, the changes of getting in are not the best. Yet landlords who are looking for a good property to make rental income from will find several key opportunities available to them.
As reported by Reuters, more property investors such as Mike Bacza have a lot to look forward too. He is quoted as saying, "There will be a lot of product hitting the streets in the coming months and it should be pretty cheap." He made these comments while watching an auction on a foreclosed property in Lombard, Illnois. He continued, "This year I expect I'll buy at least two multi family units in a decent neighbourhood."
Builder and contractor Chad Blankenbaker said, "I'm shocked at how low the prices are here. There's so much inventory that no one has to fight to buy anything."
This is the scene playing out around the country where landlords continue to see the ability to purchase affordably. And with so many losing homes to foreclosure they are being forced to rent.
At the same time, the government is still working on ways to help the housing industry.
Senator Charles Schumer, of New York, made comments on Monday about the need for President Bush's administration to get involved in the housing fall. He said, as reported by MarketWatch, "The bull's eye in this crisis is still housing. We're going to need some government involvement to get us out of it." He was speaking in an interview on CNBC-TV.
The mortgage industry and the housing sector have showed no signs of strengthening in the last several weeks.
