Making money in real estate is always going to be an option, as the current real estate market remains depressed then big opportunities will present themselves every single day.
It’s a sad fact that many people have over-extended on credit and as such have been forced to foreclose and walk away from the family home. Right now the foreclosure market is running hot due to record numbers of defaults in the US. Smart cashed-up investors are very much aware of this and are ready to purchase homes at well below market value.
Just as many people made money as the market rose many people are making money on the falling market. It still remains true that you make money when you buy. Of course, people will point the finger of blame at everyone else in these situations, it’s sad that families have to lose their homes but at the same time we live in an age where people tend to duck personal responsibility on every level they can. People should be prepared to accept the fact that they got themselves into high levels of debt and be prepared to accept responsibility for their actions.
The property market will take time to recover from the downturn and this will give people time to recover and sort out their financial situations. Lessons will be learned and banks lending criteria will be evaluated and corrected to stop this from happening again. If you are in a situation now where it looks like you stand to lose the house then the best thing you can do is open up the lines of communication with the bank or finance company, they are ready to talk in most cases.