Foreign Real Estate Investments
2008-04-22 10:41:14
There are many foreclosed homes that are such a great deal relative to their location that many people are buying them up as investment and rental properties.
Foreclosed homes in certain good neighborhoods of outer Detroit are selling for as low as $20-30K. With the weakening dollar, foreign investments are especially prominent.
Many foreign investors are making the most of the weak dollar and buying properties in the US as long terms investments. These properties also serve as immediate income, as many of the same areas have record rental demand.
This is also the case in the Bay Area. Areas such as Sunol, Antoich, and parts of Oakland are foreclosing in record numbers, while the demand for rental properties are ever increasing due to the shortage of rental properties.