Tuesday, March 01, 2011

Investors snap up cheap homes, new buyers miss out - Yahoo! News

Investors snap up cheap homes, new buyers miss out - Yahoo! News: "WASHINGTON – Home sales are starting to tick up after the worst year in more than a decade. But the momentum is coming from cash-rich investors who are scooping up foreclosed properties at bargain prices, not first-time home-buyers who are critical for a housing recovery.

The number of first-time buyers fell last month to the lowest percentage in nearly two years, while all-cash deals have doubled and now account for one-third of sales.
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And I hear that condo units are popular with this type of buyer. They form a syndicate and buy up many units in the same building so they can control the association and do whatever they want with the property.

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