Palm Desert Foreclosures Are A Real Bargain
We all have a lot of options when it comes to investing. We can invest in stocks, bonds, currencies, futures and a lot of other things that all have one thing in common. They are just pieces of paper that we put our faith in. They are basically promises to pay later, made by a company or a country that we have faith in. But the last few years have shaken that faith pretty badly. About the only thing that these investments have that is good, as far as I can see, is that they are easy to buy and sell.
In the investment world, real estate is where the action is right now. Real estate values have plummeted so far that it's hard not to find a good deal. We know that prices have plummeted and we also know that people still have to live in houses and apartments. They lost a lot of value, but we still have to have them. Look at Palm Desert, California for instance. As I write this, there are over 516 properties in Palm Desert that are in the foreclosure process. This is the time for investors to jump in.
Real estate prices are at all-time lows all over California. Palm Desert is a great example. There are over 500 properties in the foreclosure process there. Some of these represent fantastic values. For example, on Arden Street, there is a house that once had loans of over $1 million on it and it is now assessed for $321,000. That home is now owned by a bank that is desperate to get rid of it. The next buyer will get a real deal.
Real Estate has a lot of investment advantages. In our current market that is especially the case. The foreclosure crisis has forced a glut of property onto market and it is a real buyers paradise right now. This is the first time in years that an investor can buy a property in California and rent it out for a positive cash flow. People still need to live in houses, they just can't afford the mortgages that were created at the height of the bubble.
These investors are only paying about half of what the properties cost just a few years ago. Because of that they can rent them out cheaply enough that the same people who could not afford the mortgage payments can now afford the rental payment.
Another great advantage that investors have today is that we currently have the lowest interest rates in decades. It can't last long, but interest rates today are lower than 5%. My sister just bought a house in Palm Desert, California and got a 30 year fixed interest rate of 4.62%. This combination of low prices and low interest rates is very favorable to investors who want to rent out their properties for profit.
There are a lot of free financial calculators on the Internet that will let you calculate exactly how great a deal you can get. Try one and you will see that now is a great time to buy foreclosed property in Palm Desert, California.
Get free ForeclosureRadar search at www.PalmDesertForeclosures.org. Get the ultimate low down instantly in our Palm Desert Foreclosures overview.