You knifecatchers buy the first ones that come on the market that are in need of alot of work and in crappy locations. Ill just wait for the houses that have to deal with your comps.
Comps are irrelevant. Supply and demand is what matters.
I am not worried about it until I see a sustained and significant drop in NOT’s. Then I may get off my lazy ass and start looking again.
Last real estate bust ended around January ’97. By July ’98, prices have already cleared the ’90 high. At that point, NOT’s were still running at ~60% of average bust levels.
NOT’s will continue as long as people have negative equity. If you’re going to wait for a significant and sustained drop in the number of people with negative equity, you will be waiting too long.
