It May Be A Good Time For Buying Real Estate But........

I was just watching a news segment about how people were able to buy property at well below the market value of the property. For instance one family bought a home for around $175k but the house was appraised at $250k!

In the interview one of the family members said how they knew that the home was a foreclosure and that while they felt sorry for the people that lost their home, they felt that "their loss was their gain".

I really don't agree with this though because there are just too many people losing their homes to foreclosure! And while this particular news story talked about who was able to buy the home, they didn't mention anything about who it was that lost the home in the first place!

On a more positive note I saw on one of the public access channels that there is a grassroots organization in Philadelphia that is helping people who are being faced with foreclosure. They are staging some kind of anti-eviction campaign where they will try to help the homeowners stay in their homes. (Hopefully if I find out more about this organization, I will post more about them here.)