It’s been an open secret for decades that investing in foreclosure properties is a great way to make money and prepare for a secure retirement, but the conditions for buying foreclosures have never been better than they are right now. The housing market is completely in the tank at present thanks to a horrible economy that has millions out of work and unable to make their monthly mortgage payments.
While I certainly feel for all the folks who will not be able to stay in their houses, the situation has created a foreclosure investment market unlike any I have ever seen before. Property values have plummeted to the point where great houses can be purchased for pennies on the dollar, and the banks are ready and eager to cut deals in an effort to get these distressed properties off their books.