What will a bottom look like?
May 24, 2009
Maybe what is happening in Phoenix gives us a clue.
I know from my friend Tom that it’s happening in Ventura, CA: He’s been putting offers on foreclosed properties the last two months but investors, cash in hand, keep snatching them.
I wander just how widespread this is. Investors are looking for cash flow, sometimes even renting to the foreclosed homeowners. So we probably won’t see this in communities with the highest unemployment numbers.