Droves of cheap foreclosed homes are drawing serious investor money. From mom-and-pop folks seeking retirement income to Wall Street-backed funds with hundreds of millions to spend, investors buy distressed homes to either fix and flip or, increasingly, to hold and rent out, mainly focusing on the most-affordable areas - those most devastated by the downturn.
"There is a tsunami of money coming into the market, billions of dollars to buy distressed single-family homes," said Jeff Lerman, a San Rafael real estate lawyer, speaking about the national landscape. "The window of opportunity is rapidly closing (as prices rise). Over the next 18 months, profit margins in single-family opportunistic buying will be compressed quite a bit."
But for now, many distressed homes - foreclosures and short sales - sell for about a third off their peak values, and often for less than it would cost to build a new home http://tiny.cc/bwzpnw
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