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Real Estate Investing: Betting against housing

Posted March 22, 2008

"Last year, you couldn’t find a decent condo in West Palm Beach, FL for less than $200,000. But for the past two months, I’ve been seeing them at drastically reduced prices." — Charles Delvalle

by Charles Delvalle

Baltimore — (TFN): The biggest drag on the stock market this year can be summed up in one word: Housing. Because home prices have dropped, banks have cut back lending. Which, in turn, is slowing down the economy. And though many gurus are trying to call a bottom in the housing market, they’re dead wrong. I continue to see home prices dropping.

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Last year, you couldn’t find a decent condo in West Palm Beach, FL for less than $200,000. But for the past two months, I’ve been seeing them at drastically reduced prices. I’m talking about 2/2s for under $100,000. That’s a 50 percent price drop - far greater than the five percent drop government reports would have you believe.

And in South Florida, the market is still falling. This year, we’ll see a huge spike in foreclosures. As banks try to offload those foreclosed properties, neighborhood prices should drop even further. That means there’ll be a lot of opportunities here if you’re looking to buy a home in six months. Read on to learn other ways to profit from the continuing real estate bust.

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