Re: Real estate newbie
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Actually no.
This is the time of the cycle that the true real estate investors pray for.
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The true real estate investors are going broke right now. Looking for ways to walk away from their mortgages, all 10 of them. Biggest housing bubble in the history of mankind, mortgage rates are creeping back up, banks don't trust each other nor do they trust anyone right now, which is making it even more difficult for anyone to secure a loan right now. I anticipate housing prices in California to drop 50-65% from their peak. Even Goldman Sachs, a company that is about to get smashed, came out with a research report saying the homes in Cali are 35-40% overvalued based on their models. Hopefully it is not the same models used to price their CDO's and other derivatives as those are B.S.
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