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Have These Properties Hit Bottom?

Is hard to say if properties have hit bottom and are now set to rebound, it really depends up how much time you have to wait for the values of the properties to increase and for the renters to come back....

For the cities below, they're placing where not to buy investment properties, unless you're seeking to buy properties headed towards foreclosure, these are locations where home prices have sunk to extreme levels and will take some time to recover.

While it's possible that there are some property bargains out there, the question remains how long it will take to the entire area to come back and reflect normal rental rates.

If you want to turn properties into income properties then you'll need to buy homes that don't require too much work - homes that are in good condition. Most of these properties have been sitting empty for some time now and will most likely requite a fair amount of fixing up.

The real estate market has obviously changed in the past three years.  Now, the cities below are areas to explore in terms of foreclosed homes or properties where the owner is very motivated to sell.  It's all about how you look at the situation and then apply your strategy.

  • Stockton, CA
  • Merced, CA
  • Reno, Sparks, NV
  • Fresno, CA
  • Vallejo/Fairfield, CA
  • Las Vegas, NV
  • Bakersfield, CA
  • Sacramento, CA
  • Washington, DC
  • Tucson, AZ

From a 60 Minutes story:

Banks are auctioning off houses all over California and in South Florida, in Nevada, and in parts of Ohio and Texas, the result of a huge real estate bubble that began forming in Stockton back in 2003, when people priced out of the Bay Area and Silicon Valley discovered that you could buy a four-bedroom home there for just $230,000.  Read more...

Source:  Business 2.0 - New Rules of Real Estate

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