I guess bidding wars are not happening only in Canada! Viva 2010!
(Source: Washington Post)
Investors have reemerged with brute force in the Washington region’s real estate market over the past few months, triggering bidding wars in some neighborhoods teeming with foreclosed properties and hindering traditional home buyers…
…With interest rates low and home prices way down from their peaks, all-cash investors are snapping up the cheapest properties and helping clear out the excess supply of homes on the market. They’re betting that the market has hit bottom or will soon.
Read Dina ElBoghdady’s full article “Cash-rich real estate investors trigger bidding wars, frustrate other buyers” in the Washington Post (January 3, 2009).