At least it is if you are a top home builder in one of the fastest appreciating markets, right? The fact that the same market ranks among the highest in the land for zero down financings and interest-only loans doesn’t hurt the case either. What do you do in this position – you buy a foreclosure firm.
Of course, you tell everyone in the press release that you think the market will “remain strong.” A “strong” market is just the thing for the foreclosure game. In reality, you need a few more of those crazy loans at crazy prices – build up your new market ahead of time.