In the thirty years I have been in the real estate business, this is the first downturn where entry level housing was the primary product impacted.
In a traditional downturn, the higher end properties falter, then it filters down to lower priced homes. In this market, entry level housing is not selling, foreclosures are in abundance and it remains to be seen if the problems will filter UP to the more expensive properties.
It will take time for the market to absorb the foreclosures and entry level buyers to get back in the market. The key is maintaining cash, carefully evaluating your own financial situation and trying to “take advantage” of current conditions. When your broker calls with a good opportunity, be ready to act on it.
Hi, I'm Jeannie. For over 25 years I've helped investors make money in markets both good and bad. 
