Investors Find Silver Lining in Real Estate Market
The news about the U.S. housing market has been pretty bad -- foreclosures are up at twice last year's rate, affecting one in every 196 households.
But for an intrepid group of investors and prospective homeowners, foreclosures spell opportunity.
"When we get this wave of foreclosures due to the collapse of the subprime, more consumers start looking at foreclosed real estate auction markets as an avenue for taking advantage of the market," said Crystal Wright, a representative of Hudson & Marshall, one of the largest real estate auction firms for foreclosed properties. "It's the silver lining in a depressed real estate market for the average real estate buyer."