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Brooklyn Foreclosures: Good real estate investment

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By : John Smith    99 or more times read
Affordable real estate investment opportunities are now abundant in Brooklyn due to a recent spike in the number of foreclosures. The number of real estate foreclosures in New York sky-rocketed in January, particularly in Brooklyn, despite continuing reports of economic recovery.

Many of the foreclosures were on low to middle income homes spread out over places like Bed-Stuy, East New York and East Flatbush. New York has a larger percentage of foreclosed homes in comparison to most other US states, and 38% of those foreclosures in January were from Brooklyn. All in all there were close to 700 foreclosed homes in Brooklyn in January 2010.

If you are looking to invest in a home to live within Brooklyn, and you have the resources to afford one, now is the time to get one. You may also be looking to put your money in a multi-family home as a real estate investment. As it is Brooklyn, many of the available properties are in fact multi-family homes. There is a lot of money to be had in the rental market, particularly because of all the foreclosures.

As the New York and the US as a whole is now on the road to economic recovery, this is the perfect time to buy a home or to invest in real estate in general. Due largely to the huge number of foreclosures, banks are eager to recover cash as quickly as possible and there are a lot of great deals out there just ripe for the taking. To put it quite simply, you can liken the property market in Brooklyn to a store that is holding an “everything must go” sale. As the economy continues to recover, there may not be as many great opportunities out there in the near future as there are now, as property values will eventually start to climb; so if you have the means, invest in Brooklyn real estate now.
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