Nov 13 2007 2:21PM | Permalink | Email this | Comments (0) |
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Real estate auctions are going on all over the country now that the effects of the subprime mortgage market collapse are finally being felt in full force. Foreclosures are happening everywhere, including here in Chicagoland, as I received a mass mailed piece from an attorney who specializes in this "racket" just this morning. What this means to the remodeling industry is yet to be seen, although it could be an opportunity for an astute remodeling firm owner with excess capital taking advantage of some great prices on homes ripe for being flipped. Judging by the prices on foreclosed homes in Chicago, with bids starting at just $10,000, there are some killings out there to be made.