Tags: Trump | buy | house | bank

Trump: Now’s a ‘Great Time’ to Buy a House – from a Bank

By    |   Friday, 21 Oct 2011 08:25 AM

At some point housing prices will drop low enough to entice consumers to buy. And in real-estate mogul and reality-TV star Donald Trump’s eyes that time should be now.

The S&P/Case-Shiller index of home prices in 20 major cities dropped 4.1 percent in the year through July.

"This is a great time to buy a house,” Trump tells Yahoo. “But only if it is owned by a bank. If you go in with third party house, meaning you’re buying it from somebody, and you go to a bank for a loan, they won’t give you one.”
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But the situation is completely different for a home that a bank has taken from a delinquent borrower, Trump says.

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Donald Trump
(Getty Images photo)
“They are dying to get rid of it, and they will give you all the loan you want. They have to get rid of those houses because the security guards go in and steal all the product."

Trump sees no collapse in commercial real estate. While that market is weak in most U.S. cities, New York, Washington and some other major metropolitan areas are thriving, he notes.

“I’ve been buying a lot,” including properties outside Washington and Philadelphia, Trump says.

Some other housing experts also are turning bullish.

After the news that housing starts surged 15 percent in September, Brian Jones, senior U.S. economist for Societe Generale, told Bloomberg, “The housing numbers are getting better.”


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At some point housing prices will drop low enough to entice consumers to buy. And in real-estate mogul and reality-TV star Donald Trump s eyes that time should be now. The S P/Case-Shiller index of home prices in 20 major cities dropped 4.1 percent in the year through...
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2011-25-21
Friday, 21 Oct 2011 08:25 AM
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