It really depends on the area you are looking. However, be cautious when choosing and if you can get a referral from someone, do so. In today's market everyone is quick to claim they are an expert in foreclosures, REO's, and bank owned, but most of them are not experts, they are just trying to keep up with market trends. But please don't be discouraged by this response, just be cautious, there are great deals out there right now.... more
I can't answer about home prices in Harlem specifically, but I haven't seen the subprime mortgage crisis immediately impacting prices. In my market, Orlando Florida, home prices have corrected for multiple reasons...overheated market for a few years, investors dumping property, builders adding too much inventory, and many more.
The subprime mortgage crises isn't really what I would consider a crisis...but it will add some foreclosures, short sales and other distressed sales into the inventory, which is bound to have an impact on home prices. But, the degree to which it impacts will vary from market to market.... more