Welcome to the December 3, 2007 edition of the Carnival of Real Estate
Let's face it - it's a weird time to be in real estate. Foreclosures loom, property sits unsold, and nobody really knows what's getting better and what's getting worse.
You can't open a paper or click on a website without hearing about it, and consumers are downright scared and confused. This week's carnival focuses on things that can help us all in these uncertain times.
We have to begin this week with Joshua Dorkin's "Fish Story" posted at Real Estate Investing For Real. When it comes to foreclosure, we know the homeowners get angry. They yell at their real estate agents, they yell at their attorneys, and they certainly yell at their mortgage brokers. This family took their anger out on the entire world. Worth a read just for the chuckle. I'm glad it was you and not me in there, Joshua!
One thing is sure, there are still people making money in real estate. As Trevor Mauch explains in his post, Recent Survey on Self-Directed IRA's is great news for real estate wholesalers posted at The Real Estate Investing Brain, "for the savvy investor... even right now, real estate is the most sought after and solid investment… with all of the doom and gloom out there… this survey debunks the myth that the good ol’ days of real estate investing are done." I've been hearing from a lot of my investor clients who want to 'go shopping while property is on sale' and the idea of using a self-directed IRA is a smart one!
If there is a bright side to the subprime mortgage meltdown, it may be the re-emergence of FHA as a popular option for homeowners. BrandonL talks about the various options available through the FHA program in his blog, Different types of FHA Loans posted at FHA Mortgage Center Blog, saying, "Learn how to use an FHA mortgage to make your home loan safer and easier."
Remember, even though it seems - by listening to the media and reading the newspapers - that the entire country is spiraling out of control, real estate markets are local and not national. Doug Boggs talks about this in his blog and explains how people can find good deals if they don't buy into the fear and hype. Fear based or reality based... is posted at Boggs Development Group, LLC. Doug says "I have always stated that there is no such thing as a national real estate economy. I still believe this despite what seems to be happening throughout the United States, as reported in numerous newspapers, as well as, their television affiliate corporations. The perpetuation of fear through our news agencies gives me pause. It is too bad as there are some great deals out there for people who can see through the maze of media mayhem."
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