Although home prices across the country finally appear to have bottomed, tens of thousands of unsold

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It is now understood that the slow-motion cheap car rentals orlando florida collapse of the residential real estate market in the late 2000s was the genesis for the recent financial crisis . In short, the decline in housing prices lowered cheap car rentals orlando florida the already-tenuous value of the so-called mortgage-backed securities that savvy financiers had created to monetize risky mortgages for domestic cheap car rentals orlando florida and international investors. This injected uncertainty into the world s financial markets and devastated many investment firms balance sheets.
Although the United States was already experiencing an economic cheap car rentals orlando florida recession when the crisis peaked in the fourth quarter of 2008, the downturn cheap car rentals orlando florida deepened in response to the collapse, or near-collapse, of several major firms associated with the packaging and trading of these mortgage-backed products. As banks scrambled to protect what little cash they had on hand, it became increasingly difficult for the average consumer cheap car rentals orlando florida or business owner to obtain credit.
With prospective buyers unable to find willing mortgage lenders, home prices fell further. In many hard-hit pockets of Florida and the Southwest, families unlucky enough to have purchased a home at the top of the market saw the value of their investment cut in half. The pain has been ongoing: After a temporary market bottom in 2009, prices fell by an additional 20 percent in Las Vegas and by smaller but still-significant amounts in other cities during the subsequent two years.
Although home prices across the country finally appear to have bottomed, tens of thousands of unsold older homes remain on the market. As sellers grow increasingly desperate cheap car rentals orlando florida to unload their properties and get on with their lives, they continue to reduce their asking prices even as newly-built homes push up real estate prices in the aggregate. As such, many of these older homes are listed at a significant discount to the broader market.
Likewise, the residential construction industry has yet to recover fully from the downturn. While the balance sheets of publicly-traded upmarket cheap car rentals orlando florida firms like Toll Brothers and Lennar have shown signs of improvement in recent months, many smaller companies remain on the ropes. Hundreds of mom-and-pop cheap car rentals orlando florida construction firms have shuttered their doors since the housing crisis hit, resulting in the layoff of hundreds cheap car rentals orlando florida of thousands of workers. Job and wage growth in the sector remains anemic: Just 43,000 jobs were added during 2011.
As the housing market cheap car rentals orlando florida s weakness persists, many would-be homeowners are beginning to question the logic of putting hundreds of thousands of dollars on the line to purchase a risky asset. Many more simply need a place to live in their new hometowns as they try desperately to sell their existing homes back from whence they came. Renting is the logical choice for members of both of these demographic groups, and a shift on their part towards temporary occupancy appears cheap car rentals orlando florida to have contributed cheap car rentals orlando florida to a historic rise in rents during the downturn.
The inability of many current homeowners to sell is but one factor that has pushed home prices cheap car rentals orlando florida down recently. Foreclosure is another: Hundreds of thousands of American homeowners either lost their jobs or saw their hours cut during the recession, which reduced cheap car rentals orlando florida their spending power and put their monthly mortgage payments cheap car rentals orlando florida out of reach. Declining housing prices made it impossible for these individuals to borrow against their homes to make up the difference.
Many of these foreclosures remain on the market, and thousands more come online each month. Likewise, cheap car rentals orlando florida many homeowners are choosing to unload their homes via short sales . The short sale process is time-consuming cheap car rentals orlando florida and complicated: For the sale to go through, the mortgage lender must agree to accept a sale price lower than the outstanding cheap car rentals orlando florida value of the mortgage. However, buyers lucky enough to get their hands on a short sale can secure high-quality homes at just a fraction of fair value.
Finding foreclosures and short sales is easy. Searchable real-estate pricing services like Zillow and Trulia offer up-to-date local home listings, providing a geographical snapshot of the housing market s health. Both sites give prominent placement to foreclosures and short sales. They also employ algorithms to determine the fair value of each listed property, lending some rigor to a once-inexact science.
These cut-rate homes offer value for two main types of real estate investors: owner-occupants cheap car rentals orlando florida and distressed-property specialists. For the former, foreclosures and short sales represent a golden opportunity to secure a starter home for a growing family at a tremendous discount. Although foreclosed homes are typically associated with inconvenient or blighted neighborhoods, this reputation is undeserved: Tens of thousands of American foreclosures occupy prime parcels in pleasant neighborhoods.
For the latter, cheap car rentals orlando florida distressed properties present an exciting business opportunity. Many foreclosures are in decent shape and require little more than fresh paint, new wallpaper and some plumbing updates to regain their luster. More ambitious distressed-property specialists cheap car rentals orlando florida may personalize their properties in order to make them more attractive to prospective buyers. In either case, well-organized buyers willing to use leverage to purchase multiple homes at once can make a successful living by refurbishing and repackaging foreclosed homes for sale in virtually any real estate market.
Not all residential real estate investors choose to become owner-occupants or serial cheap car rentals orlando florida house flippers . In fact, many purchase their properties with the intent of milking them for years to come. The recent rental boom has enriched established landlords and provided countless opportunities for newcomers in areas devastated by the housing crisis.
Prices for existing multi-unit cheap car rentals orlando florida buildings and larger apartment complexes remain elevated thanks to a proliferation of former cheap car rentals orlando florida homeowners forced by economic necessity to rent. On the other hand, prices for duplexes and single-family structures have yet to appreciate dramatically. cheap car rentals orlando florida Many of the recession s most successful landlords continue to make waves by converting large single-family structures into duplexes or triplexes. To ensure that they are attractive to prospective renters, these properties should be convenient, aesthetically pleasing and fully modern.
Likewise, the housing crisis has opened the door for contractors and builders looking for cut-rate heavy-duty machinery. As the construction industry consolidated and shrank during the recent turmoil, thousands of excavators, dump trucks, forklifts and other types of used construction equipmentflooded the secondary market. The subsequent collapse in equipment prices has presented an incredible opportunity for business owners looking to upgrade their existing equipment or mount an expansion.
The market for used heavy machinery cheap car rentals orlando florida is noisy and often opaque. At times, cheap car rentals orlando florida it can be difficult to discern deals from boondoggles. cheap car rentals orlando florida Fortunately, the Internet makes it possible both to purchase equipment directly and to find reputable local dealers and auctioneers.
The recent recession devastated the country s economy and upended the livelihoods of millions of Americans. At the same time, it has continued to present entrepreneurial consumers and business owners cheap car rentals orlando florida with a number of exciting opportunities. Depressed home prices and a rash of distressed-property sales have made the concept of investing in residential real estate more attractive than it has been in years. The rental market is booming, drawing new blood into the stodgy business of land lording. Finally, cheap car rentals orlando florida a saturated secondary market for construction equipment and other types of heavy machinery is shaking up the contracting business and offers real value for a wide range of buyers. These days, one consumer s pain is another s gain.