The 2010 residential real estate market was a fetid stew of foreclosed homes, short sales, falling home prices and massive shadow inventory topped off with bad corporate behavior by the lending institutions and anemic government programs designed to help troubled borrowers.
But one man’s poison may be another man’s medicine. Low interest rates, reduced home prices and the new homeowner tax credit meant some buyers were able to purchase homes that even two years ago would have been well beyond their economic reach.
Cash buyers too, did well this year, outcompeting traditional buyers on short sale and foreclosed properties because they had no financing contingencies and could forego appraisals and home inspections.
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