I know with all of the foreclosures, you would think there would be tons of houses to flip. Actually, in our area there hasn't been a big amount. Our real estate agent says it will hit all at once. Apparently when a mortgage company or bank has a foreclosed house, then it doesn't hit the market for sale for several months down the road. All I know is if something doesn't come available to flip in the near future then we will be looking for other means of income. We don't always just buy foreclosed homes to flip. Sometimes we purchase older homes that someone is selling because they are stepping up to a bigger and newer house. But this is the same situation. Everyone is staying put. The economy has been so bad that no one wants to take the risk of buying a bigger better home for the fear of loosing their job.
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It's true a lot of people are not selling their houses or "moving up" but for first time homebuyers it's a great time, especially with interest rates still low - one of my friends just closed on a house he practically stole for $59k!
I do the same kind of thing in the UK.
However, the problem at the moment for my business is that the banks have stopped nearly ALL lending. When bank-appointed surveyors go and value properties, they're really coming down hard on perceived values, so there would be plenty of good opportunities, with interest rates so low, to pick up bargains, if access was available to finance.
Be lucky !
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