The article does not get into the specifics but we might suspect that many of the sales are foreclosure units sold at rock bottom prices. Again, is this good news? In a way its profiting off the increasing distress or misfortune of somebody else.
So, its good news based on a tragic situation. America is back.
Reuters: Home sales gain biggest since July 2003
The increase in sales was spurred by a rise in foreclosure and other 'distress sales' in regions of the country hard-hit by the ongoing housing downturn...
7 comments:
I'm heading to the bay area on Tues. While there I'm going shopping for property. My friends there say this might be a once in a life time opportunity to buy into that area after yrs. of wild prices.
Its a shoppers market, no doubt about it.
I know people around here who plan to buy up lots of foreclosures.
If I didn't like the idea of being a landlord, I would do it myself.
Landlord? No , I 'm thinking of moving west. NJ has run out of gas.
I looked at your blog, you live in an idyllic spot, near the ocean, beautiful.
San Francisco is cool too.
Yes, I do live in a nice place. I was once able to actually make a living here along the beach. That seems to have ended now. Me and my wife are just trying to hang on here after 30 yrs. It's sad that NJ is becoming a harder and harder place for older folks to live. Most of the retirees around here are pensioners from Pa. etc. They can afford it because they have a check coming in monthly from somewhere else. No pension here and our IRA's and 401K have been reduced to a cup of coffee size every once and a while. I knew the markets would tank right before my retirement time it's just the way it was going to happen. I predicted this yrs. ago. The winners in my generation are cashing in their chips and heading off in the yacht into the sunset. The rest of us are being left behind to make do as we can. Welcome back to the 30's!
You will do alright. You have all that house equity, plus some retirement money. You are already living in the place where people like me would like to retire to. That's about 98% of the retirees. As far as I can tell you got a booty load of pluses.
I know I just like to complain. ;)
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