Real Estate Lessons from the Financial Crisis (07-09)

[Michael Lettieri]

If there are any investors on this board that were actively investing during the financial crisis/great recession I would appreciate your advice. I am looking to buy my first property and I guess this is either good timing or bad timing depending how you look at it. I haven't seen an affect on the real estate market yet in New Jersey however I assume it is just a matter of time. How long did it take the financial crisis to affect the real estate market and how long was it until the market bottomed out? I assume it will take anywhere from 6 months to 2 years for us to see the true affects on the market and distressed assets coming onto the market. This is because the foreclosure process can take such a long time. Thank you for any advice and past experiences you can share on this.