Foreclosed home speculators in Florida are keeping the housing market afloat. Positive that the home prices are near the bottom, Foreclosure Tours R Us offers land and water tours of properties with access to the Gulf of Mexico. The company, which tours only foreclosed homes, sold 830 homes in one month alone.
Waterside homes that used to go for $700,000 are listed in the $200,000 price range. If you take the less glamorous bus tour, inland homes can go for about $54,000!
Many of the buyers are speculators who want to buy buy buy, while the price is right. Let's hope that doesn't cause another bubble . . . and bust!