Back in 2008, the US economy was in serious trouble. Luckily, the government managed to avert a crisis that could have made the great depression look weak in comparison. Sure not everything was handled perfectly, but what was done was done in an emergency situation. Gary Allen was especially concerned as he has built his life in the real estate business.
During the financial crisis and the recession, the housing market in the US took a precipitous drop that many thought it would never be able to recover from. The so-called housing bubble had burst and left hundreds of thousands of people left with foreclosed upon homes and all sorts of other disasters. Gary Allen knew this would be the beginning of rough years for the housing market in many places.
Luckily for Gary Allen, his project had no bank debt. Still, the decrease in business wasn’t good for anyone in the real estate business. Recently however, there have been signs that the housing market is slowly recovering. The recovery is far from steady though. Sometimes the numbers are up, sometimes they are down. But generally, recovery is moving along very slowly.
In some parts of the country the housing market is better off than in others. This is due to a variety of factors like local economies, employment, and desirability to name a few. Ultimately, Gary Allen hopes the housing recovery continues to improve over the coming years. The sooner it does the sooner the US economy can return to full strength.
In the meantime, Gary Allen will continue to look for good opportunities in distressed real estate in the southeastern US. He sees this as a great real estate opportunity to provide housing for those who can’t qualify for a mortgage.