INVESTING: Distressed assets today lead to profit tomorrow
Two real estate guys told me recently that the market might be able to grab some traction if the banks would face reality about the true worth of the stuff on their books. Write-offs are large, with an estimated $450 billion written down worldwide this year to date. And if you make an offer for real estate that is less than what the bank has written it down to, most likely your offer will be rejected. The bank is still…