Michael Lombardi, leading contributor to Profit Confidential, was in Miami last weekend and realtor after realtor was telling him that the biggest condo building bust in history has bottomed out and that it is rebounding with the U.S. housing market. Buyers are snapping up properties, one-third of them paying cash, and the best deals are gone.
Lombardi is not sure he believes them. Or, to rephrase: he’s not sure they understand. Lombardi is the analyst who correctly predicted the housing crash and told his readers to get out of real estate a couple of years before the crash. We all remember when banks pulled way back on home foreclosures in 2010, as they were accused of not having their paperwork in order when they foreclosed. This put a temporary halt to U.S. home foreclosures. Now that they’ve cleaned up their act, big U.S. banks are actually starting to accelerate their foreclosures. (press Release)