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If this cycle is anything like the last ... the bottom will be formed when investors can profit month to month by renting out thier purchase. Until then, alot of victims will be fooled by dropping prices .... jumping in toooo early because they're comparing todays price to a past peak. AND cash will be king ... the likes of Countrywide will be belly-up; unable to offer 100% financing at thier own auctions.
Its starting to happen already - I know of groups of investors buying foreclosed properties for prices that cash-flow from rents
Before the bubble burst our town (a suburb of NYC) was a hot area for housing and some houses were sold the same week they went on the market. We are keeping a close watch on the situation because we will be putting our house on the market next year in preparation for our move west. According to our realtor, at the moment the turn around time for selling a house is 83 days. The length of time it takes to sell a house will tell me when the right time is to put out the for sale sign.
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