It was about a year ago the housing market began to falter.  Even North Carolina is feeling the effects.  I read an article that explained our situation in a different light.  Their take on the problems started back in 2001 with a recession and 9/11.  The federal reserve dropped interest rates and flooded the economy with money and credit.  THE BORROWING SPREE was ON!  There is belief that those with money wanted to put it in a safe place after the dot.com bust.  Tax laws were changed to eliminate income taxes on profits from the sale and the buy was on!  The ARM loans adjusting and the falling prices prevented those who could not keep their head above water, from selling.  They would have to bring their money to the table to sell out. 

This has lead to fantastic deals for those who do have money.  Between the foreclosure market, short sales and price reductions, there are wonderful opportunities waiting to be had.