Real estate is starting to look cheap enough to buy. Or at least think about buying.

The more I’ve talked to people, though, the more I get a sense that things have started to change. While the economy remains in rough shape and the jobless rate continues to rise, the frantic desire to save and build cash reserves has ebbed. Those fortunate people who have weathered the storm are emerging from their fetal crouch and starting to think more about taking some investment risks.What I find especially interesting is where most of my risk-taking friends are headed. It isn’t the stock market; in fact, the only folks I know who have waded back into the stock market are the gunslinger types who never really left it.Instead, they seem to be heading for real estate. At first I found this puzzling, given the brutal battering real estate has taken. But that’s the point: An increasing number of my friends see this as the perfect opportunity to find something at a bargain-basement price.
By Dave Kansas, August 24, 2009, WSJ

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