Benefiting From the Bust
Wave of Foreclosures Can Be an Opportunity for First-Timers, Investors
By Alejandro Lazo
Washington Post Staff Writer
Saturday, February 21, 2009; Page F01
Keith and Cynthia Antaya spent the years of the housing boom renting, unable to fathom how they could afford their own digs during the market’s dizzying escalation.
As Fairfax County Public Schools employees, he a special education teacher and she a school psychologist, renting seemed more in line with their income than paying a mortgage.
Then came the crash, and a wave of foreclosures sent home prices tumbling, particularly in once-fast-growing markets such as Northern Virginia’s western suburbs. Suddenly homeownership was a possibility for the Antayas, who focused their hunt on foreclosed properties. After a five-week search, the couple decided on a Woodbridge house that cost about $200,000. It needed some new paint and new floors but was otherwise in good condition.
