NEW YORK (Reuters) - Countrywide Financial Corp (CFC.N), the largest U.S. mortgage lender, said on Wednesday that foreclosures and late payments rose in December to the highest on record, though it made more loans than expected in the fourth quarter.
You would think that this is a great time to be buying investment property. The pool of attractive tenants grows bigger and bigger every day. The people that have been foreclosed on and the marginal mortgage applicants will all need to rent for the forseeable future. Property is still undervalued in Western New York and rents are increasing along with the pool of good tenants. Mortgages are still available to investors with good credit and cash is always king. You can buy nice homes all day for 30,000 and rent them out for 600-700/month.
What are you seeing, hearing, thinking of all this...
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