Real estate bonanza: California foreclosure sales SOARING


From Clusterstock:

Investors are going nuts for California real-estate again, albeit on a smaller scale than before.
Another sign that the housing market is working just fine...

Carolyn Said, San Francisco Chronicle: Oakland's McKinley Partners is betting that low-end foreclosed homes in eastern Contra Costa County will double in value in five years.

The real estate development company has formed a $6 million fund to buy bank-owned homes in Antioch, Pittsburg and Bay Point.

It aims to spend about $100,000 per home, including rehab, and rent them out for $1,200 to $1,500 a month. Then it hopes to sell them for $200,000 each in five years.

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