Reading other posts I understand that the US "may" have some way to go before the bottom is reached but will this affect bank owned/foreclosures apart from the number that may be available. We are offering on a bank owned property at 65% than it cost 2 years ago; it is 4 years old. All the figures add up as a long term rental with a decent renter base etc. We are happy with this and tend to have a bird in the hand philosophy rather than try to be too clever and possibly loose out.

My question is are bank owned/foreclosures likely to get cheaper or is there a point the banks won't go below?

andrew

I don't know what the future holds - right now there is plenty of property on the market in Orlando Florida at prices less than the peak of two years ago, both foreclosure and MLS listings

Just an update.

Bought for $120,000 and rented out on a years lease at $1,195 per month.

We are very happy.

Viceroy Invest have just sent me a detailed PDF file about US foreclosures in the Mid West - I had a quick look, seems pretty good, but no money to invest at the moment, so I'm not taking it any further. They may be worth calling for some background research. By the way, I've never dealt with them and dont know anything about them so I'm not recommending them one way or another. and No, I'm not an agent!!

Also, a different idea but Iain Maitland who produces various property investment newsletters has just sent a mail out about the Go Zone Act, which covers property investment in the hurricane-damaged areas of Mississippi, Louisiana and Alabama along the Gulf of Mexico coastline. Loads of tax incentives and cash back opportunities - again I havent research it and am not recommending it - just assing the news on.