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Saturday, September 06, 2008

The Bottom Is In

http://online.wsj.com/article/SB122072588739407007.html?mod=hpp_us_whats_news

Complain all like about government intervention. Keep complaining for the next decade, or whenever the next crisis happens. In the meantime, I think I'm going to make some dough on distressed housing.

"Come, Quickly, They're throwing money away."

3 comments:

  1. Anonymous5:18 PM

    Hi Woody - Do you think this applies nationwide?

    Elen

    ReplyDelete
  2. Hiya Elen,

    I'm not sure I'm qualified to answer that. I don't see much reason to take advantage of weakness in Detroit or any of the rust belt. I don't see any reason to get into speculative land in growth areas like Florida. I recently inherited a bunch of speculative land that I'd like to unload.

    Were I to hazzard a guess, I'd say that I think the whoosh down is about over nationally. Heavy distress situations are probably a good buy.

    I'm putting my money where my mouth is. My wife and I were out shopping for distressed properties today. The two properties we really liked had sold faster than MLS could be updated. One house had a hostile foreclosure situation in progress, but I'll check it out tomorrow, I wasn't going to bring my kid in there, and I didn't have any guns with me.

    I don't think our market is going to take off, but the low-hanging fruit will soon disappear.

    I own a partial interest in a house in CT, so I'd like to be bullish. I sold a house in CT in January 2004. I think prices are lower than when I sold, but are they a buy today? I think there's a long-term demographic shift working against the northeast, and I wouldn't be a buyer without some extreme distress.

    There is still an abundance of distress everywhere, but it's not going to last after this deal with Fannie and Freddie.

    ReplyDelete
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    ReplyDelete