BusinessWeek: “Investors are snapping up foreclosed homes”

Business Week on the boom in foreclosure sales:

Investors and first-time home buyers, who previously couldn’t afford boom-time real estate prices, are snapping up foreclosed homes, driving sales activity in some communities. “Bank-owned properties are sitting vacant” in markets such as Las Vegas and South Florida, said Rick Sharga, vice-president for marketing at RealtyTrac. “If you’re in a strong financial position, you’re really sitting in the catbird seat.”

Read the full article here

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