As expected, forecasters are saying that there will be more home price cut sin the near future due to the growing problems associated with the housing market. Foreclosures are at an all time high of 1.5 million and mortgage defaults are running at a high 65%. Malls close and vacancies in rental properties continue to grow as commercial property owners try to keep existing tenants to stave off bankruptcy themselves. Commercial property buyers on the other hand, the ones who managed to stave off exposure to the housing crisis, are going on buying sprees, but these are mainly strategic purchases without much lavish investments of previous years. Even the biggest property investors are jumping on chances to acquire properties that have not depreciated so much in terms of price, yet with prices still expected to drop, more bargains may be in sight.
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